Key Insights:
- XRP price has slipped below the $2.2 support again today.
- The XRP ETF has recorded an inflow of $622 million since launch.
- A top expert hints at a potential Ripple coin price surge to $2.6 or higher.
XRP price has struggled to hold the $2.2 support, despite the successful launch of the Ripple ETF with robust inflows. However, despite the consolidated movement of the asset, it seems that experts have remained optimistic about the long-term trajectory of the coin.
It’s worth noting that the newly launched investment instrument for Ripple coin has marked one of the robust openings in the crypto ETF segment. As of November 25, the cumulative total net inflow into the XRP ETF came in at $622.11 million.
These robust institutional interests, as evidenced by the continuing inflow into the ETF, have fueled optimism of investors and experts alike. Besides, it has also resulted in bullish calls for XRP price, potentially to $2.5 or even $3 in the near future.
The technical indicators also suggest a potential bounce in the asset’s price, further lifting the market sentiment. In addition, a massive dump in Ripple coin over the past few weeks might also attract more buyers to enter the market at a discounted price.
Considering all these aspects, the future trajectory of the asset looks bullish. So, let’s take a quick tour of the recent performance of the asset and the key levels that may shape the upcoming momentum of XRP.
XRP Price Struggles Despite Robust Ripple ETF Inflow
XRP price today was down more than 1.3% and traded at $2.17, with its trading volume falling over 36% to $4.03 billion. The crypto has moved in the range of $2.15 and $2.23 in the last 24 hours, but the latest performance suggests that it has struggled to hold the $2.2 support.
The XRP Futures Open Interest also stayed near the flatline, indicating muted interest from traders. In addition, the Relative Strength Index (RSI) of the asset was at 46, suggesting that the asset was at a neutral state for now.
Meanwhile, the struggling price action came despite the Ripple ETFs continuing to witness steady net inflows since their debut. On November 25, the combined inflow into the investment instrument totaled $35.41 million, SoSoValue data showed.
All the issuers, including Canary Capital, Bitwise, Grayscale, and Franklin Templeton, have continued to report accumulation. The overall inflow through November 25 totaled $622.11 million, suggesting strong interest of the institutions.
Notably, these institutional bets are likely to create a supply shock for the asset, which in turn could drive the XRP price higher. It’s worth noting that Bitcoin and Ethereum prices were also muted after their ETF launches, but soon after, the institutional bets started to boost the prices higher.
What Lies Ahead for XRP?
Amid the soaring bets from the major institutions, it seems that the retail traders are also betting on the asset. XRP enthusiast Arthur highlighted the trend, noting that 73 million XRP, worth $164 million, has moved out of exchanges recently.
This indicates that the investors are pulling out of the crypto, which usually hints at a bullish picture. On the other hand, the recent recovery in XRP price from a dip below $2 might have allowed whales to book profits, which in turn kept the price muted.
In a recent X post, analyst Ali Martinez said the recent bounce of XRP from $1.8 has allowed whales to lock in profit. He noted that the Ripple whales have offloaded more than 180 million coins after the recovery.
However, looking at the current chart, Martinez said that XRP price has bounced from the bottom of a channel, indicating a potential surge to $2.6 ahead. This $2.6 is the middle of the channel, breaking which could allow it to expand its bullish run to as high as $3.3 in the near term.
Despite that, investors should exercise caution amid the ongoing volatile scenario in the broader market. In addition, the macro headwinds and other fundamental factors might also weigh on the sentiment in the near term.