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XRP Price Recovers Despite Bearish Macro Financial Week  

2 mins
Updated by Ryan Boltman
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In Brief

  • Ripple's price rise is driven by institutional investors, who poured over $1.1 million into XRP.
  • The RSI in the bullish zone indicates positive momentum, suggesting strong buying pressure for XRP.
  • Trading at $0.51, XRP aims to reach $0.54, but failure could push the price below $0.50, testing support at $0.47.
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The Ripple (XRP) price is looking to rise over the next couple of days owing to the support it receives from large wallet holders. 

The asset’s target is to recover the losses noted recently, which would warrant a rise to $0.54.

Ripple Finds Massive Support

Ripple’s price rise is largely due to institutional investors. These investors have demonstrated strong confidence in XRP, pouring over $1.1 million into the cryptocurrency. This substantial investment comes even as the Federal Open Market Committee (FOMC) maintains a hawkish stance on monetary policy. 

XRP noted the highest influx of funds from institutional investors, which underscores a significant vote of confidence in the altcoin’s potential. Other major tokens, such as Litecoin and Chainlink, observed inflows worth $0.8 million, with Solana noting outflows of $0.2 million.

XRP Institutional Inflows.
XRP Institutional Inflows. Source: CoinShares

Secondly, the Relative Strength Index (RSI) is currently positioned in the bullish zone, indicating positive momentum. The RSI, a critical technical indicator, suggests that the buying pressure outweighs the selling pressure, pointing towards a favorable outlook for XRP.

The bullish RSI reflects growing investor sentiment and suggests that the recent institutional investments may be well-placed.

Securing the neutral line at 50.0 as support would further confirm a bullish trajectory for XRP. If the indicator maintains support above this line, it would signify sustained buying interest and a potential continuation of the upward trend. 

Read More: How To Buy XRP and Everything You Need To Know

XRP RSI.
XRP RSI. Source: TradingView

This technical confirmation would bolster the confidence of both retail and institutional investors in XRP’s bullish prospects.

XRP Price Prediction: Bouncing Back From Losses

XRP price, trading at $0.51 at the time of writing, is at the cusp of breaching the 23.6% Fibonacci Retracement. This line is also known as the bear market support floor, and flipping it into support could provide XRP with some relief from further declines.

While the altcoin is on the path of recovering its recent losses, it would need to chart a rise to $0.54 in order to do so. 

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

But if the breach fails, it would not be surprising to see the XRP price fall back down below $0.50. The potential drawdown will also send the token down to test the support at $0.47, which will invalidate the bullish thesis.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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