With countless altcoins showing impressive gains, the market’s attention is now focused on XRP. Currently, the XRP price is hovering below $0.5, raising expectations for a significant price increase. XRP, the sixth-largest cryptocurrency by market capitalization, has experienced an influx of funds pointing to a potential bullish breakout. However, despite these promising signs, the coin has failed to deliver a substantial price increase, largely due to the unresolved SEC lawsuit looming over its future trajectory.
XRP is seeing a spike in interest from institutional investors
A recent analysis by CoinShares points to a triumphant performance for XRP, confirming its leadership position among several crypto investment routes. The surge in inflows has catapulted XRP to new levels, with outstanding fund accumulation reaching an all-time high of $240,000 in the past week.
This inflow adds to the growing value of XRP, which has now impressively reached $6 million since the start of the year.
Yet XRP was not the only benefactor of this positive swing. The whole market was riding the wave of optimism. Crypto investment vehicles saw their biggest weekly inflow of the year, with a staggering $199 million pouring into the market. In fact, this uptick almost offset half of the outflows recorded over the past two months.
While the market is on a surge, Bitcoin in particular is reaping the most benefits, with an impressive $188 million inflow last week alone, accounting for a whopping 94% of the total money received. Therefore, it did not put much buying pressure on the XRP price for a breakout.
Nevertheless, Ripple’s XRP price may benefit from a “buy the dip” sentiment as Ripple relentlessly expands its global reach and strengthens its ecosystem.
What’s next for the XRP price?
XRP price is currently witnessing some slight selling pressure below the EMA50 trendline. Bears are strongly defending the $0.5 resistance as a breakout will trigger a spike in short liquidation and accelerate XRP price.
The line-parallel trade of the flat EMA20 and MACD trend with the signal line indicates neutral momentum among traders, potentially leading to a big move as the battle between the bulls and bears intensifies.
Currently, XRP price is trading at $0.48, down more than 2.5% in the past 24 hours. If XRP drops below the support line, sellers will increase their dominance, which could allow the token to dip below the 38.6% Fib channel at $0.44. However, bulls will strongly defend this level and cause a rebound.
On the bullish side, XRP is predicted to test its current support line, and if successful, it could initiate a bullish reversal. A breakout above $0.5 will send the token to an immediate resistance level of $0.53.