Optimists, however, see the glass as half full, considering that the zero dollar suggests patience from investors in the space. Earlier, in mid-March, the $XRP ETF had logged a 151% spike in outflows as $76.1 million worth of investment exited despite a rebound move in price metrics.
The only concern in some segments of the market is that, in spite of $XRP’s price increase, there was no investment. Some investors believe the market could shift in favor of inflows soon.
Perhaps these institutional traders are monitoring price movements to be sure that $XRP’s uptick is not an April Fools' prank. The coin has climbed from a daily low of $1.31 to a peak of $1.36 in the last 24 hours, with the broader market recovery suggesting more upside.
$XRP price climbs despite institutional caution
As of this writing, $XRP exchanges hands at $1.35, which represents a 3.24% increase in the last 24 hours. The coin’s trading volume has also climbed by 7.8% to $2.01 billion, suggesting rekindled interest from market participants.
Notably, $XRP, like other altcoins, is benefiting from Bitcoin’s rise amid easing macro tensions. If the leading crypto asset continues to soar and breaks above $69,000, it could support further altcoin inflows, which might benefit $XRP.
With $XRP ETF investors cautiously bullish, traders will have their eyes on the price movement of the coin. If $XRP breaks the $1.38 resistance, the asset could retest the $1.50 level. However, if the $1.31 support gives way, $XRP risks a return to the $1.25 to $1.30 range.
With April and May traditionally bullish months for $XRP, many market participants are hopeful the coin could regain its upward price momentum.