XRP accumulation intensified in the first week of the year
Investors bank on Ripple’s win against the SEC
XRP has gained stability above $0.31, and the price could surge from here
If you have been following Ripple (XRP/USD), you already know its case with the SEC continues to be important. Investors have priced XRP depending on the direction of the case. However, the latest CoinShares report shows that institutional investors are banking heavily on a Ripple win.
According to CoinShares, the first week of 2023 saw $3 million in inflows into XRP. On the other hand, investors exited $6.5 million and $3 million from Bitcoin and Ethereum, respectively. This could be positive news as it shows how much trust the market has developed in XRP. According to CoinShares, the inflows reflected improved clarity on Ripple’s case with the SEC. But despite this positive development, XRP-associated investment products recorded $9.7 million worth of outflows.
From a fundamental perspective, we could argue that it is still a double-edged sword for XRP as the case drags on. There are positives to pick from the latest institutional inflow, with the settlement expected in the current first quarter. The technical outlook also supports a potential XRP accumulation of around $0.31.
XRP gains stability above support at $0.31
XRP/USD Chart by TradingView
A price outlook shows XRP is pushing higher after settling and consolidating above $0.31. The momentum has improved but remains weak. The MACD indicator is yet to cross above the neutral zone.
However, the volume indicators would be a little bit exciting. A spike in buy-side volumes suggests that buying is ongoing for XRP above $0.31. The previous bullish pin bar acts as the buffer against the bear pressure for XRP.
Will XRP become bullish?
XRP has a chance to become bullish if the price holds steady at the current level. The upside is likely to continue in the short and medium term to the $0.4 resistance. The ongoing case with the SEC will determine if XRP price sustains the recoveries.
Where to buy XRP
eToro
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Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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The post XRP witnessing increased institutional inflows. Here is the most important level now appeared first on CoinJournal.
