Key takeaways
- XRP has overtaken BNB to become the third-largest cryptocurrency by market capitalization.
- The coin could move toward the short-term resistance level near $2.30.
XRP tops $2.10
XRP, the native token of the Ripple ecosystem, has risen about 13% over the past seven days, outperforming both Bitcoin and Ether during this period. This advance is being driven by a combination of growing institutional and retail demand that has pushed prices higher.
US-listed spot XRP ETFs recorded inflows of $43 million last week. Since their November debut, these funds have shown steady weekly inflows, indicating increasing interest from institutional investors.
The five XRP ETF products registered roughly $13.6 million in inflows on Friday, bringing cumulative net inflows to $1.18 billion and total net assets to $1.37 billion.
Retail interest in XRP is also gradually returning after the token’s weak performance in December. Data from Coinglass show that futures open interest (OI) rose to about $3.8 billion on Monday, up from $3.6 billion the previous day. OI averaged $3.3 billion on Thursday, signaling that retail demand is slowly rebounding.
XRP eyes breakout above $2.30
The XRP/USD 4-hour chart looks bullish after the token delivered strong gains in recent days. At the time of writing, XRP trades near $2.12, above the 50-day exponential moving average (EMA) support at $2.05.
The Moving Average Convergence Divergence (MACD) indicator on the daily chart supports a positive outlook, with expanding green histogram bars above the signal line.
The Relative Strength Index (RSI) sits around 75 and is rising, which reinforces the bullish thesis for XRP. Continued upward momentum could push the RSI into overbought territory.
If the uptrend persists, XRP could move toward the next resistance levels represented by the 100-day EMA at $2.22 and the 200-day EMA at $2.34. However, failure to sustain momentum could prompt a retest of the psychological $2.00 level.