Is XRP Price Preparing for a Big Move Ahead? Traders Must Watch These Levels Closely
With numerous altcoins clocking impressive upticks, the market’s attention has now pivoted toward XRP. Currently, the XRP price is hovering below the $0.5 mark, stirring anticipation for a significant price surge. XRP, standing as the sixth-largest cryptocurrency by market capitalization, has experienced an influx of funds that hints at a possible bullish breakout. However, despite these promising signs, the coin hasn’t delivered any substantial price rally, largely due to the unresolved SEC lawsuit which looms over its future trajectory.
XRP Sees A Spike In Interest From Institutional Investors
A recent analysis by CoinShares indicates a triumphant performance for XRP, affirming its leadership position among various crypto investment avenues. The inflow surge has catapulted XRP to new levels, showcasing an outstanding accumulation of funds, hitting a mark of $240,000 in just the past week.
This inflow contributes to XRP’s growing value, which has now impressively reached $6 million since the dawn of the year.
Yet, XRP wasn’t the sole benefactor of this positive swing. The entire market rode the wave of optimism. Crypto investment vehicles observed their largest weekly inflows for the year, with a staggering $199 million pouring into the market. This uptick effectively compensated for nearly half of the outflows recorded over the preceding two months.
While the market experiences a wave of revival, Bitcoin notably reaps the majority of the benefits, drawing an impressive $188 million in inflows last week alone, accounting for a massive 94% of the total funds received. Hence, it did not provide XRP price much buying pressure for a breakout.
Nevertheless, Ripple’s XRP price may be benefiting from a ‘buy the dip’ sentiment as Ripple relentlessly broadens its global reach and strengthens its ecosystem.
What’s Next For XRP Price?
XRP price is currently witnessing minor selling pressure below the EMA50 trend line. Bears are defending the $0.5 resistance strongly as a breakout will see a spike in short liquidation, and the XRP price will gain acceleration.
The flattish EMA20 and MACD trend’s line parallel trade with the signal line indicates a neutral momentum among traders, which could potentially lead to a big move if the battle intensifies between the bulls and bears.
Currently, XRP price trades at $0.48, declining over 2.5% in the last 24 hours. If XRP drops below the support line, sellers will increase their domination which could plunge the token below the 38.6% Fib channel at $0.44. However, bulls will strongly defend this level and trigger a rebound.
On the bullish side, XRP is predicted to test its current support line, and if successful, it could initiate a bullish reversal. A breakout above $0.5 will send the token to an immediate resistance level of $0.53.
