The XRP price has remained within a tight range in recent days as the crypto market’s recent recovery has stalled.
Summary
- The XRP price has formed a bullish flag pattern on the daily chart.
- The Supertrend indicator has turned green, a bullish sign.
- The XRP ETFs have continued to add assets in recent days.
Ripple (XRP), one of the top utility tokens, was trading at $2.20, a range it has been in for the past three days. Still, this consolidation could be the calm before the storm as a bullish pattern forms and ETF inflows increase.
Data shows that US investors continued to buy XRP tokens even as their price remained under pressure. These funds had inflows of more than $243 million during the week, up from the $179 million the previous week.
Canary’s XRP ETF now has $340 million in assets, while the Bitwise fund has $178 million. The Franklin and Grayscale ETFs are worth $85 million and $83 million respectively, a sign that demand continues to rise. This trend is likely to continue in the coming weeks as more XRP ETFs are launched.
The XRP price is likely to benefit from the continued rise in Ripple USD transactions. Artemis data show that supply has increased to $1.3 billion, while 30-day transactions have increased to more than $3.6 billion. This is a sign that it is not a dormant stablecoin like many others.
Still, there are some risks, including the continued sale of whales and the fact that the XRP Ledger network is not performing well. The number of transactions has decreased, while the burn rate has decreased.
Technical analysis of XRP prices
The eight-hour chart shows that Ripple price bottomed from $1.8133 on November 21 to the current $2.1850. It has risen above the 23.60% Fibonacci Retracement level at $2.1185.
XRP has risen above the Supertrend indicator and formed a bullish flag pattern. This pattern is one of the most bullish patterns in technical analysis and consists of a vertical line and a rectangular pattern.
Therefore, the most likely XRP price prediction is bullish, with the next target at the 50% Fibonacci Retracement level at $2.4600. This target is ~12% above current levels. Over time, the coin will likely continue to rise, possibly reaching $3.
#XRP #Price #Supertrend #Turns #Green #Ripple #ETF #inflows #soaring