Key Insights
- XRP price rose to $2.2 amid a broader crypto market recovery today.
- The US Spot XRP ETF inflow soared past the $820 million mark through December 2.
- Analyst said that if XRP price can break thorough the $2.3 support, it could reclaim the $3 resistance ahead.
XRP was among top gainers in the crypto market today, adding more than 7% in price after a recent crash.
This surge can be attributed to the broader crypto market rally, suggesting a renewed interest in digital assets.
The bullish sentiment was further buoyed by the sustained institutional interest in the asset despite recent dip, as evidenced by the continuing inflow into the US Spot XRP ETF.
However, despite the institutional interest, the investors are evaluating the potential reason behind the ongoing retreat in the asset’s value.
Latest Ripple news reveals that the whales’ selloff is causing delay in a much-anticipated rally for XRP price.
Meanwhile, some analysts have shared key insights on the potential future trajectory of the asset.
Technical charts suggest that XRP price may rally to $3 if it breaks through key resistances ahead. Traders have also been warned of a potential crash to $1.2.
XRP Price Soars Amid Crypto Market Rally
XRP price jumped more than 7% today. It traded at $2.17 at the time of writing, witnessing a slight retreat from its 24-hour high of $2.22.
The crypto had recently slipped below the $2 mark on December 1, while touching a 24-hour low of $2.03.
Notably, the latest surge comes with a soaring trading volume of 24% since yesterday to $4.8 billion, suggesting increased trader activity.
A flurry of analysts have attributed the recent rally in the asset’s price to the broader crypto market recovery.
In addition, Vanguard, which is incorporating crypto ETFs for Bitcoin, XRP, Solana, and others, has further bolstered market confidence.
On the other hand, the soaring institutional bets on the Ripple coin might also have helped gains in the asset.
According to SoSoValue data, the cumulative total net inflow into the investment instrument totaled $824 million through December 2.
The data further showed that the XRP ETF has recorded an inflow of $67.74 million on December 2, with no inflow recorded till the time of the data.
The highest inflow was recorded on November 14, when the fund flow into the investment instrument totaled $243.05 million.
This suggests that the institutions are actively putting their bets into the asset, despite the recent dip in the asset’s price.
Future Outlook
With the hovering bullish sentiment in the broader crypto market, experts have shared key insights on the future potential of XRP price.
In recent Ripple news, crypto analyst Ali Martinez shared his XRP price prediction amid much market attention being directed toward the asset.
According to him, if XRP price loses the key support at $2, it could witness a pullback to $1.2.
On the other hand, the chart he shared showed a possible rally to $2.6 or even $3 if it can break through the $2.3 resistance.
Echoing a similar sentiment, analyst CRYPTOWZRD also said that the recent surge in BTC and the broader crypto market might help XRP price break through $2.75 resistance.
According to his analysis, breaking the $2.75 resistance would trigger a bullish run for the asset to $3 or beyond.
Having said that, it seems that the crypto might continue to witness a strong upward run if the institutional interest sustains.