- XRP is trading at $2.17, had $5.10 Billion volume and $131.41 Billion market cap.
- XRP ETFs experienced favorable investment for 11 days, increasing the total assets to $844 million.
- Breaking above the $2.28 resistance could initiate the token break-out above $2.75.
XRP is trading at $2.17, down 1.25% in the past 24 hours. Its 24-hour trading volume stands at $5.10 billion, with a market capitalization of $131.41 billion. Token holds a 4.15% market dominance, reflecting moderate influence as cryptocurrencies experience short-term volatility.
Net inflows to token exchange-traded funds (ETFs) have remained positive for the 11th consecutive day. The growing interest of institutions, as the cryptocurrency market makes a strong recovery, appears to be the reason for the same. The buying interest of institutions, therefore, paints a bright picture for the coming market recovery.
The assets under management (AUM) for these XRP-centered ETFs have risen to $844 million already. Launches by Bitwise, Canary Capital, and Grayscale have contributed to the growth. This emergence shows that the institutions are confident, despite the reduction in the crypto market.
On 1st December, XRP-based ETFs recorded $89 million-worth of inflows despite the market going into a downtrend. This indicates the robust demand for token and the presence of support developing below it, which could help it bounce back into an upbeat trend.
XRP Eyes $2.75 Breakout If Key Resistance Surpassed
As per the post by Ali Marteniz, XRP would require a breakout above the $2.28 resistance mark to witness a potential bullish breakout. Crossing the resistance level would activate the potential for the bullish breakout. As such, if that happens, token would possibly hit $2.75.
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ETF Inflows Could Support XRP Floor
The daily chart shows XRP is nearing the top boundary of an upright range formed after the beginning of October. Testing above the range and overcoming the 200-day EMA would confirm the accuracy of the prediction, which would see the price shoot up by 48% to the first target price of $3.10.
The Relative Strength Index (RSI) indicates the presence of bullish divergence, where the momentum indicator keeps making higher lows despite the overall decline. If the trend of investment into the ETF continues, token may discover a sturdy base, could culminate in an explosion upward, as the bearish force gets exhausted.
As the crypto market recovers, emerging presales like Bitcoin Hyper (HYPER) may outperform even well-established tokens such as XRP. This illustrates the fact that despite the potential of XRP, some projects could possibly gain much attention from investors.
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