coinjournal.net
Key takeaways
- Ripple’s $XRP is down less than 1% in the last 24 hours and could rally higher soon.
- Institutional demand for $XRP continues to grow, with $XRP digital asset products recording $10.6 million in weekly inflows.
The cryptocurrency market is having a bearish start to the week despite the gains recorded on Monday. Bitcoin briefly dropped below $108k while Ether continues to struggle to surge above $2,600.
Ripple’s $XRP is also consolidating as bulls defend the $2.2 support level. The coin could rally higher amid strong institutional demand.
Steady capital flow keeps $XRP’s price high
$XRP, the native coin of the Ripple ecosystem, is down by less than 1% in the last 24 hours as major cryptocurrencies underperform. Despite the current consolidation, analysts believe $XRP could break out soon and head towards new highs.
The rally could be fueled by growing institutional demand for $XRP. Data obtained from CoinShares revealed that fund inflows into $XRP-related financial products reached $10.6 million, accelerating year-to-date inflows to $335 million. The cumulative total assets under management (AUM) for $XRP average around $1.4 billion.
Interest in $XRP comes from various sectors of the market, including futures contracts’ Open Interest (OI). $XRP’s OI has increased by approximately 25% to $4.69 billion since dropping to $3.54 billion on June 23. The increase suggests that traders have a bullish bias and a betting on a future price surge.
$XRP’s technical outlook remains bullish
The $XRP/USD 4-hour chart is bearish as the broader crypto market consolidates. However, the technical indicators are strong, suggesting a bullish bias for Ripple’s native cryptocurrency.
The bulls would have to surpass the key resistance levels at $2.33 and $2.47 in the near term to enable $XRP to rally toward the $3 psychological region for the first time since January 2025.
$XRP/USD 4H Chart">
The RSI and MACD indicators are both positive, suggesting that traders could be gaining exposure to $XRP. In case $XRP surpasses the $2.47 resistance level, it would need to overcome the May high of $2.65 to enable it to attempt the $3 mark.
However, a reversal is not ruled out, with the market sentiment still shaky thanks to renewed tariff talks. If there is a pullback, $XRP could likely test the June support level of $1.90. The bulls would likely defend the 100-day Exponential Moving Average (EMA) currently at $2.22, the 50-day EMA at $2.21, and the 200-day EMA at $2.11.