XRP Remains Bullish as Capital Inflows Fuel Uptrend
Second day of advances over $2.28 for XRP.
XRP digital asset products received $10.6 million weekly, bringing total assets under administration to $1.4 billion.
The greatest Open Interest for XRP futures contracts since May 30 indicates bullish market sentiment.
Positive market mood and strong institutional demand let Ripple (XRP) rebound for two days. XRP is approaching $2.28 after a slight gain on Monday. If risk-on sentiment stays high, XRP may rebound above $2.33, which limited price movement in mid-May.
Inflows into digital assets were just above $1.03 billion, according to the Monday CoinShares report. Fund inflows into XRP-related financial instruments hit $10.6 million, driving year-to-date inflows to $335 million (see below). The average AUM is $1.4 billion.
The US contributed $790 million to Bitcoin ETFs, BTC treasuries, and other financial instruments, accounting for the majority of weekly capital inflows at $1 billion.
XRP remains popular throughout the market, including futures contracts' Open Interest (OI), which has risen 25% to $4.69 billion since June 23. This is the highest since May 30.
A $4.72 billion rise in futures contract trading volume implies market growth.
Over the preceding 24 hours, $2.52 billion in liquidations were reported, with $1.52 million in short positions and $997,000 in shorts.
A consistent interest in XRP is helping bulls produce the second straight green candle on the daily chart. Technical indications support the rebound and predict a break over resistance at $2.33 in mid-June and $2.47 on May 23.
If XRP breaks over the short-term supply zone around $2.33, bullish scope might extend above $2.47 to its May top at $2.65.
In such case, traders could expect a drop into June's lowest support at $1.90. The 100-day Exponential Moving Average (EMA) at $2.22, the 50-day at $2.21, and the 200-day at $2.11 might absorb sell-side pressure and prevent a price decline below $2.00.
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