Amid the intense volatility in the market, Ripple’s XRP has consistently held its ground as a significant player. The ongoing lawsuit between Ripple and the SEC, a pivotal factor in XRP’s future, is pending a decision. However, XRP has managed to maintain a steady performance, attracting a broad spectrum of investors and traders. Currently, XRP’s price is in a consolidation phase, hovering below the $0.49 mark, creating hopes of a big move ahead.
XRP’s Bullish Developments Spark Confidence
In a week that has seen the cryptocurrency market experience a significant surge, digital asset investment products have witnessed a great inflow of $125 million. While Bitcoin undoubtedly attracted the lion’s share of investor interest, with a remarkable inflow of $123 million, it was Ripple’s XRP that truly shone, drawing in over $400,000 and maintaining its upward momentum.
As per the latest weekly report from CoinShares, XRP’s exchange-traded products have demonstrated exceptional performance. June alone saw an influx of $2.8 million, a figure that outshines all other altcoins. Since the onset of 2023, XRP-related products have accumulated an impressive $6 million in fund flows.
Nevertheless, a wave of apprehension has recently swept through the XRP community. This unease stems from Ripple’s recent decision to unlock 1 billion XRP tokens, a move that has ignited concerns about a potential downward trend in the market.
Ripple Labs has conducted three transactions, releasing a total of one billion XRP coins from escrow. The initial transaction unlocked 300 million XRP tokens, followed by two more, releasing 200 million and 500 million tokens, respectively, to boost liquidity.
Although the release of XRP might be perceived as a concern by some, it could potentially provide an opportunity to accumulate more of the asset in the near future.
What’s Next For XRP Price?
XRP price is currently facing bearish consolidation trading as it sees domination from sellers near the low of $0.48. Though bears are attempting to send the price below the immediate support line at $0.47, buyers are preventing further drop. This movement indicates that XRP still has a chance to surge upward as bulls continue to buy near the current dip. As of writing, XRP price trades at $0.4836, declining over 0.5% from yesterday’s rate.
The 4-hour price chart underscores the significance of the $0.44 mark as a vital support level to keep an eye on in the near term. If XRP’s price falls from its current support line, it could target the $0.44 level. A breach below this point could lead to a further decline to $0.4. However, this level could also incite considerable buying from optimistic investors.
The 20-day EMA remains a crucial barrier that bullish traders need to surpass. If buyers manage to break through the $0.5 mark, it could set the stage for a surge toward the key resistance level of $0.53.