Key Insights
- •XRP price has been consolidating near the $2.2 support over the past few days.
- •The XRP ETF has continued to witness stable fund flows since its launch in the US.
- •An analyst predicts a potential Ripple coin price surge to $3.6.
XRP price is holding crucial support and has been consolidating near the $2.2 support level over the past few days. This muted performance has continued despite the soaring optimism surrounding the Ripple ETF launch in the US.
The XRP ETF has consistently witnessed stable fund flows since its launch in the US market. This indicates that institutions have remained bullish on the Ripple coin, showcasing their confidence in its long-term potential. Despite this positive sentiment, the recent consolidation has sparked discussions regarding the token's potential next move.
Amidst this, a renowned expert has shared a key XRP price analysis that hints at a potential surge to $3.4 or beyond. The expert also noted that the cryptocurrency must break through a key resistance level ahead to continue its upward trajectory.
This article explores the key levels to watch for the Ripple coin price and the recent developments in the XRP ETF space.
XRP Price Holds Key Support Amid Ripple ETF Hype
At the time of writing, XRP price was trading at $2.20, showing a rise of approximately 1.2% in the last 24 hours. The cryptocurrency reached a 24-hour high of $2.26 and a low of $2.16. Its trading volume from the previous day increased by about 2% to $3.32 billion.
The relative strength index (RSI) for the Ripple coin was in the neutral zone at 48, suggesting there is still room for upside. However, the recent weekly surge of over 14% in the asset's price has allowed whales to book profits. This profit-taking might have stalled the anticipated rally in XRP price, even with the ETF optimism. It is noteworthy that the XRP ETF has consistently recorded inflows since its launch in the US market.
According to SoSoValue data, the XRP ETF instrument has recorded combined inflows totaling $666.61 million since its launch. On November 28, the inflow into the Ripple ETF amounted to $22.68 million.
Meanwhile, more institutions are actively seeking to enter the market amid increasing institutional bets, especially as the altcoin market heats up. According to the latest reports, 21Shares is expected to launch another XRP ETF on Monday, which could further boost market optimism.
What's Next for Ripple Coin?
The optimism surrounding the XRP ETF has also triggered bullish calls for the Ripple coin price moving forward. If institutions continue to accumulate the coin, it could create a supply shock, potentially boosting the XRP price.
In this context, a top expert has shared a detailed analysis of the cryptocurrency that has garnered significant attention from market participants. In a recent post on X, analyst EGRAG CRYPTO stated that the cryptocurrency is likely to reach $3.4 or even $3.6, sparking market optimism.
The expert noted that if XRP holds the $2.2 mark, it could pave the way for a journey to $2.6. However, he emphasized that "super bullish" momentum will commence once the XRP price surpasses $3.4.
Beyond $3.4, the next target would be at $3.65. However, traders are advised to remain cautious, as the expert has warned that a failure to hold the $2.2 support level would trigger a XRP price crash to $2 or even $1.8.