XRP price dropped 5% in the last 24 hours, stabilizing around $2.00 as the market faced a bearish trend. Despite strong institutional growth within Ripple, the broader crypto market decline affected XRP.
Bitcoin price hovers below $90k, pushing down prices further. Nonetheless, inflows of Spot ETFs of close to $1 billion. Analysts are optimistic that XRP may experience a positive trend in case the market revives and institutional investments keep increasing.
XRP Spot ETF Sees Unstoppable Growth: Nears $1 Billion in Inflows
The United States XRP spot ETF is also taking the same direction as the ETF of SOL where it records 14 consecutive days inflows and zero outflows. Such a trend indicates an increasing interest in XRP, as the ETF now approaches a large milestone of a total inflows of $1 billion.
The recent statistics show high net inflows, and the price of XRP changes insignificantly, which is a sign of a high demand of the cryptocurrency, which has a positive market mood.
XRP Price Signals Potential Buy, Says Analyst
A crypto analyst Ali has just provided an intriguing study of the XRP markets. According to Ali, the cryptocurrency can be going through a period of buying according to the TD Sequential indicator.
The TD Sequential is a trend-following tool that is widely used to predict market trends. The chart by Ali shows a possible buy point of XRP. The graph portrays candlesticks with some being big and others being small in size.
Is XRP Price Preparing for a Breakout Toward $2.50?
The XRP price is trading at $2.02 as of this writing, with a downward movement of around 5%. The price has encountered significant resistance around the $2.50 level and support near the $2.00 range.
The price has been fluctuating within well-defined support and resistance levels. If XRP price continues to stay above the $2.00 mark, it might attempt a rebound towards the $2.20 as Full XRP forecast report.
Source: XRP/USD-4-hour chart: TradingviewThe line of MACD is below the signal line, indicating a bearish trend. Also, there is the Chaikin Money Flow (CMF), an indicator which is positive but has a slight downtrend, meaning that the buying pressure is becoming weak.
However, any further drop below $2.00 could signal a deeper decline, with the next support around $1.80.
Source: https://coingape.com/markets/xrp-price-prediction-as-spot-etf-inflows-near-1-billion-whats-next/
