The price of XRP is currently stabilizing around the $2.2 support level, a crucial point that has seen minimal movement in recent days. This consolidation comes despite heightened excitement surrounding the launch of the Ripple ETF in the United States. Since its debut, the XRP ETF has maintained consistent inflows, demonstrating institutional confidence in the token”s long-term viability.
As of now, XRP is trading at $2.20, reflecting a slight increase of approximately 1.2% over the past 24 hours. The asset”s trading activity has shown a 24-hour high of $2.26 and a low of $2.16, with a total trading volume reaching $3.32 billion. Additionally, the relative strength index (RSI) is positioned at 48, indicating a neutral state that leaves room for potential upward movement.
Despite a recent surge of over 14% in the weekly price of XRP, profit-taking by whales has contributed to a slowdown in the anticipated rally, even with the ongoing ETF optimism. Notably, the XRP ETF has reported a total inflow of $666.61 million since its launch, with $22.68 million recorded on November 28 alone.
The appetite for XRP is growing among institutional investors, further fueled by reports that 21Shares is set to introduce another XRP ETF, which could enhance market sentiment. Analysts are increasingly optimistic about the coin”s price trajectory. A noted analyst, EGRAG CRYPTO, has projected that if XRP maintains its current support level, it could ascend to $3.4 or even $3.6. The expert highlights that breaking above the $3.4 resistance could set the stage for a significant price rally.
However, caution is advised, as the same analyst warned that failure to hold the $2.2 support might lead to a decline towards $2 or even $1.8. As discussions around the future of XRP continue, all eyes remain on the ETF developments and market dynamics that could shape its price in the coming days.
