#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 increased trading activity. Bullish traders are anticipating that XRP will climb and prolong the surge in the immediate term.
If the crypto market continues to applaud Bitcoin's rise to new highs, a break and daily close over $3.00 is probable.
In Monday's market report, QCP Capital noted “the Crypto Fear & Greed Index has shifted dramatically, rising from 40 to 70 in just three weeks, flipping sentiment from fear to greed.”
The market seems optimistic at the present, but greed may cause sudden reversals, particularly if investors sell for profit.
Technical outlook: XRP accelerates rise toward $3.00
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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