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XRP Price Faces Key Resistance Levels Amid Rising Institutional Demand
According to Cointelegraph, the price of XRP (XRP) showed signs of indecision on June 30, experiencing a slight decline of 0.8% over the past 24 hours to trade at $2.17. Despite this, XRP remains above the $2.00 mark, with analysts emphasizing the importance of overcoming key resistance levels to achieve new all-time highs. Institutional interest in XRP investment products is on the rise, as evidenced by data from CoinShares. XRP exchange-traded products (ETPs) saw inflows of $10.6 million in the week ending June 27, contributing to a total of $219 million in inflows for the first half of the year. This trend reflects a growing institutional appetite for XRP, alongside other major altcoins such as Bitcoin (BTC), Ether (ETH), and Solana (SOL), which recorded net inflows of $2.2 billion, $429.1 million, and $5.3 million, respectively.
James Butterfill, head of research at CoinShares, attributes this resilient investor demand to factors such as heightened geopolitical volatility and uncertainty surrounding monetary policy. Additionally, the supply held by entities with a balance of 1 million to 10 million tokens has increased, now accounting for 9.9% of the total XRP supply—a 65% rise since late November 2024. XRP's price has surged by approximately 350% during this period. Notably, whale holdings of XRP increased even during a 35% price pullback to $1.60 between January and April, suggesting that larger holders, often seen as patient or strategic investors, are accumulating positions in anticipation of further gains.
To target higher highs above $3.00, XRP must convert the $2.60 resistance level into support. However, the XRP/USD pair must first close above the $2.20-$2.30 range on the daily-candle chart, where major simple moving averages (SMAs) are positioned: the 100-day SMA at $2.20, the 50-day SMA at $2.25, and the 200-day SMA at $2.36. Pseudonymous crypto analyst Dom highlighted the significance of this breakout zone between $2.20 and $2.30, noting its convergence with monthly and quarterly volume-weighted average prices (VWAPs) from recent swing points, as well as a 160-day downtrend dating back to the seven-year high of $3.40. This confluence suggests a critical area for bulls to regain, potentially marking the turning point of a new bullish trend.
As reported by Cointelegraph, surpassing the 50-day SMA at $2.20 could initiate a rally toward $3.81 by July. Meanwhile, bears aim to maintain the $2.20 resistance to increase the likelihood of pushing the price below $2.15, with the immediate target being the psychological level at $2.00. The next key area of interest lies between $1.95 and the range low at $1.90, reached on June 22 following U.S. airstrikes on Iran's nuclear sites. This article does not offer investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making any decisions.
James Butterfill, head of research at CoinShares, attributes this resilient investor demand to factors such as heightened geopolitical volatility and uncertainty surrounding monetary policy. Additionally, the supply held by entities with a balance of 1 million to 10 million tokens has increased, now accounting for 9.9% of the total XRP supply—a 65% rise since late November 2024. XRP's price has surged by approximately 350% during this period. Notably, whale holdings of XRP increased even during a 35% price pullback to $1.60 between January and April, suggesting that larger holders, often seen as patient or strategic investors, are accumulating positions in anticipation of further gains.
To target higher highs above $3.00, XRP must convert the $2.60 resistance level into support. However, the XRP/USD pair must first close above the $2.20-$2.30 range on the daily-candle chart, where major simple moving averages (SMAs) are positioned: the 100-day SMA at $2.20, the 50-day SMA at $2.25, and the 200-day SMA at $2.36. Pseudonymous crypto analyst Dom highlighted the significance of this breakout zone between $2.20 and $2.30, noting its convergence with monthly and quarterly volume-weighted average prices (VWAPs) from recent swing points, as well as a 160-day downtrend dating back to the seven-year high of $3.40. This confluence suggests a critical area for bulls to regain, potentially marking the turning point of a new bullish trend.
As reported by Cointelegraph, surpassing the 50-day SMA at $2.20 could initiate a rally toward $3.81 by July. Meanwhile, bears aim to maintain the $2.20 resistance to increase the likelihood of pushing the price below $2.15, with the immediate target being the psychological level at $2.00. The next key area of interest lies between $1.95 and the range low at $1.90, reached on June 22 following U.S. airstrikes on Iran's nuclear sites. This article does not offer investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making any decisions.
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