Key takeaways
- XRP is up by less than 1% in the last 24 hours and is trading at $2.2 per coin.
- XRP ETFs continue to record inflows as institutions position for the next run.
XRP ETFs continue to record inflows
Ripple’s XRP is up by less than 1% in the last 24 hours and is currently trading above $2.2 per coin. The positive performance comes after XRP dropped below the $2.18 level on Wednesday.
Interest in spot XRP ETFs continues to improve since their launch two weeks ago. There are currently four XRP ETFs operating in the US, including Canary Capital’s XRPC, Bitwise’s XRP, Grayscale’s GXRP, and Franklin Templeton’s XRPZ.
Data obtained from SoSoValue reveal that the four XRP ETFs recorded $35 million in inflows on Tuesday, bringing the cumulative volume to $622 million and net assets to $645 million.
The inflow suggests that the market sentiment is improving, with more institutional investors positioning for a possible rally in the near to medium term.
However, retail demand remains low, with futures Open Interest (OI) still below $4 billion since the decline on November 11. CoinGlass data shows that XRP’s OI averaged $3.96 billion on Wednesday, down from $4 billion the previous day. XRP futures OI hit a record high of $10.94 billion on July 22 as XRP hit a high of $3.66. However, it has declined since then as XRP has lost nearly 50% of its value.
If the OI recovers above $4 billion, it will signal growing retail demand, and XRP’s price could surge higher in the near term.
XRP is still struggling below $2.35
The XRP/USD 4-hour chart is bearish and inefficient as XRP has failed to push past the $2.35 resistance level over the past few days. XRP tested and found support around the $1.85 level during the weekend and has added 15% to its value since then.
At press time, XRP is trading at $2.21 per coin.
If XRP continues its recovery, it could rally toward the next daily resistance level at $2.35, which is close to its 50-day EMA at $2.37. The next major resistance level is around the $2.68 level.
The 4-hour RSI of 58 is above the neutral level, indicating a growing bullish narrative. Furthermore, the MACD lines are also within the positive territory as buyers have been in control this week.
On the flipside, if XRP fails to surpass the $2.35 resistance, it could continue its correction toward the Friday low of $1.82 over the next few days.
Source: https://coinjournal.net/news/xrp-fails-to-push-above-2-35-despite-etf-inflow-check-forecast/
