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$BTC, the leading cryptocurrency by market cap, has stalled near the key resistance level around $82,000 while $ETH holds firm above the key support at $2,275.
Meanwhile, $XRP has recovered from Tuesday’s dip and is now approaching the upper boundary of its descending channel, where a breakout will open the door for further gains.
$XRP demand holds firm across retail and institutions
$XRP is up by less than 1% in the last 24 hours and is now trading at $1.46 per coin. The positive performance comes thanks to growing retail and institutional demand.
According to CoinGlass, $XRP’s futures Open Interest (OI) reads $2.97, reaching a three-month high, up from the $2.9 billion recorded the previous day.
$XRP’s OI has climbed 30% from its yearly low of $2.1 billion recorded in early March.
Further gains would solidify retail investor dominance and increase the chances of a sustained recovery as risk appetite grows.
In addition to that, institutional demand for $XRP continues to grow.
US-listed $XRP spot Exchange-Traded Funds (ETFs) have also gained traction since Friday, with inflows nearing $26 million on Monday.
The ETFs also recorded an inflow of $5.2 million on Tuesday.
Cumulative inflows stand at $1.4 billion, with net assets under management averaging $1.2 billion.
The surge in institutional and retail interest aligns with steady market sentiment.
The current Crypto Fear & Greed Index rose to 49 in the fear territory on Tuesday, up from 48 the previous day.
Ripple price forecast
Similar to Bitcoin and Ether, the $XRP/USD 4-hour price action is currently bullish, thanks to the market’s recent gains.
$XRP is trading at $1.46, above the 50-day EMA at $1.41, suggesting tentative near-term support.
However, it remains capped within a broader downward parallel channel and below the 100-day and 200-day EMAs at $1.4959 and $1.7101, respectively, which keeps the broader tone only mildly constructive.
The momentum indicators suggest a growing bullish narrative.
The RSI is around 57, and a slightly positive MACD reading hints at improving momentum. However, the buyers still need to push $XRP above the capped levels to strengthen the bullish case.
If the bullish narrative grows stronger, buyers would encounter immediate resistance at the channel’s upper boundary near $1.47, followed by the 100-day EMA at $1.49.
The 200-day EMA at $1.71 and the horizontal resistance around $1.90 form a more distant supply zone.
However, if the sellers regain control, immediate support is seen at the 50-day EMA around $1.41, with the horizontal floor at $1.30 acting as the next key level.
Failure to defend these key levels would break the recent bullish price action and bring lower support zones into focus.