XRP Eyes $3.00 Even as Capital Outflows Mount Can Bulls Hold?
XRP's positive trend continues as it approaches $3.00 on Monday.
XRP futures Open Interest rises to $8.3 billion amid stability.
Last week, digital investment products lost $104 million, while XRP's ascent continues.
Monday saw Ripple (XRP) trade at $2.95 as investors tighten their grasp, boosting derivatives market exposure. Positive market mood and Bitcoin (BTC)'s climb to a record $123,000 boosted XRP interest.
Digital investment products had the second-largest weekly inflow ever at $3.7 billion. Bitcoin and Ethereum (ETH) topped the bullish run with $2.73 billion and $990 million.
CoinShares' Monday analysis shows that XRP and similar digital investment products lost $104 million last week. The year-to-date inflow averaged $231 million, raising XRP's AUM to $1.55 billion. The only asset with $500k weekly outflows was Chainlink
A 53% increase in trade volume to $23 billion in the same period indicates high risk-on mood and
same period indicates high risk-on mood and increased trading activity. Bullish traders are anticipating that XRP will climb and prolong the surge in the immediate term.
XRP is approaching $3.00, indicating bulls are targeting record highs above $3.40. The Money Flow Index (MFI) indicator rises to 92 on the daily chart below, supporting the path of least resistance.
Thus, XRP price action around the $3.00 resistance level must be monitored. May's top at $2.65 and the 50-day EMA around $2.32 are potential support levels.
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