Why Is The Ripple (XRP) Price Up Today, and What’s Next? (June 15)

The cryptocurrency market has turned green since the major Sunday evening announcement by US President Donald Trump, but some assets have marked more substantial gains than others.

Ripple’s cross-border token is among those, gaining over 3% in value on a daily scale, which is more than ETH’s 2.5% increase and BTC’s 1.9% jump.

Why Up, XRP?

Obviously, the more apparent reason behind XRP’s revival today is the deal announcement made by Trump yesterday. As reported, the POTUS also authorized the toll-free opening of the Strait of Hormuz and the removal of the United States Naval blockade.

The actual deal is expected to be signed by the end of the week, as reports from Pakistan and India have concurred with Trump’s statement. Peace news is always welcomed in the risk-on cryptocurrency markets, especially for larger-cap altcoins.

However, there could be more beneath the surface for XRP’s particular gains. For starters, the exchange-traded funds tracking its performance continue to defy the overall ETF trend. They attracted over $10 million in the past business week, in stark contrast to the $15 million in net outflows from the ETH ETFs and the over $300 million taken out of the Bitcoin counterparts.

Separately, a report from CryptoQuant revealed a somewhat surprising shift in trend. South Korea’s largest crypto exchange, Upbit, became the trading platform with the highest concentration of XRP deposit-wallet activity. The analysts at CQ determined that “XRP’s rebound is being driven by a divided flow structure.”

What’s Next?

Popular analyst Ali Martinez noted recently that the TD Sequential had flashed a buy signal for XRP after the asset’s recovery to over $1.10 commenced. In a follow-up post, he added that a breakout from the asset’s current symmetrical triangle could result in another 14% move.

Fellow analyst CW outlined the next two significant resistance lines if the token’s rally continues. The first is the sell wall at $1.25, followed by $1.40, where there’s a significant cluster of short positions.

CRYPTOWZRD warned that XRP had closed indecisively despite the late Sunday rally. According to their analysis, XRP needs to decisively reclaim the $1.18 level before it can offer further upside. It’s worth noting that the cross-border token is currently testing that level.

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