Key Takeaways
- XRP has overtaken BNB to become the third-largest cryptocurrency by market capitalization.
- The coin could rise toward the $2.30 resistance level in the near term.
XRP Breaks Above $2.10
XRP, the native token of the Ripple ecosystem, has gained roughly 13% over the past seven days, outpacing Bitcoin and Ether. The rally is driven by growing demand from both institutional and retail investors, which has pushed prices higher.
U.S.-listed spot XRP ETFs saw an inflow of $43 million last week. Since their November launch, these funds have maintained steady weekly inflows, a sign of increasing interest from institutional investors.
On Friday, five XRP ETF products recorded about $13.6 million in inflows, bringing total net inflows to $1.18 billion and total net assets to $1.37 billion.
Retail interest in XRP has also started to return after a weak December performance. Data from Coinglass show that XRP futures open interest (OI) rose to about $3.8 billion on Monday, up from $3.6 billion the previous day. Average OI for Thursday stood around $3.3 billion, indicating a gradual recovery in retail demand.
Outlook: XRP Targets a Break Above $2.30
The 4-hour XRP/USD chart looks bullish and momentum has been strong over recent days. At the time of writing, XRP trades around $2.12, comfortably above the 50-period EMA support near $2.05.
The Moving Average Convergence Divergence (MACD) supports a positive outlook on the short-term chart, with the green histogram bars expanding above the signal line.
The Relative Strength Index (RSI) is around 75 and rising, which reinforces the bullish case for XRP. If the RSI keeps climbing, the token could enter overbought territory.
If bullish momentum persists, XRP could test the next resistance levels represented by the 100-day EMA at $2.22 and the 200-day EMA at $2.34. Conversely, a failed breakout could prompt a retest of the psychologically important $2.00 level.