Key takeaways
- XRP lost its fourth-place market ranking to BNB after dropping about 3% in the past 24 hours.
- The coin is struggling to break the $2.20 resistance despite rising demand for ETFs.
XRP Loses Fourth Place to BNB
XRP, the native token of the Ripple ecosystem, has fallen more than 2% in the last 24 hours and is currently trading around $2.11 per coin. This bearish movement comes even as open interest (OI) and institutional inflows into XRP ETFs have been increasing.
According to CoinGlass, XRP’s OI rose to $4.09 billion on Thursday from $3.93 billion on Tuesday. While the uptick is modest, it suggests investors are taking on more risk.
If OI continues to rise, XRP’s price could gain short-term momentum and attempt to challenge the nearest resistance level. However, current OI remains below the yearly high of $4.55 billion recorded on January 6.
Interest in spot XRP exchange-traded funds continues to grow. SoSoValue reported that XRP ETFs saw nearly $11 million in inflows on Wednesday. Since their launch in November, XRP ETFs have recorded only one outflow—about $41 million on January 7. Cumulative inflows now total $1.25 billion, while net assets stand at $1.54 billion.
Will XRP Resume Its Uptrend Soon?
The XRP/USD four-hour chart shows a bearish bias as Ripple has lagged in recent days. The token remains trading above a key support: the 50-period exponential moving average (EMA) at $2.08.
A slight decline in the four-hour relative strength index (RSI) to 53 underscores increasing downside pressure. If RSI continues to fall, XRP could retest support near $1.90 in the near term.
Still, the moving average convergence divergence (MACD) indicator on the same chart remains above its signal line, which could allow bullish traders to position for a price rebound.
If a daily candle closes above the 100-day EMA at $2.21, XRP could extend its advance toward the 200-day EMA near $2.33.