This reveals the fluctuation that has characterized the spot $XRP exchange-traded funds market over the last 10 days. The renewed demand could prove bullish for $XRP, which continues to suffer volatility concerns on the broader crypto market.
In the last 30 days, $XRP has lost 25.18% of its value as the downward momentum refuses to let up. With renewed institutional demand, $XRP might find respite and begin to stabilize in price.
In the last 24 hours, $XRP has climbed from a daily low of $1.39 to a peak of $1.43. As of this writing, $XRP exchanged hands at $1.42, reflecting a 0.59% increase within the period.
Amid the price recovery, market sentiment remains cautious as trading volume has not matched price movement. Volume is down by 5.46% or $2.21 billion, signaling that retail traders are still monitoring developments even as institutional appetite reawakens.
Key levels to watch as $XRP bulls target $1.70
If $XRP is able to reclaim the $1.70 price and stabilize above this level, traders’ confidence might increase and more participants engage the coin.
One notable thing with the $XRP ETF is that its inflows have been known to defy broader market bearishness. In the second trading week of February, despite the broader market bleeding that impacted Bitcoin and Ethereum, the $XRP ETF soared.
The asset boasted of $45 million in inflows, whereas Bitcoin and Ethereum combined suffered a total outflow of $229 million.
It appears that institutional investors treat $XRP’s volatility and price dip as another buying opportunity. If $XRP is able to break out of its current stagnation, the rally could see the coin soar and reclaim its position above the $2.50 price zone.