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Can XRP price successfully turn $0.50 into support?
Ripple (XRP) price is expected to increase in the next couple of days thanks to the support it receives from the big guys wallet owners.
The asset’s objective is to recover recently recorded losses, which would justify a rise to $0.54.
Ripple finds huge support
Ripple’s price increase is largely due to institutional investors. These investors have shown strong faith in XRP, pouring over $1.1 million into the cryptocurrency. This substantial investment comes despite the Federal Open Market Committee (FOMC) maintaining an aggressive stance on monetary policy.
XRP has seen the highest inflow of funds from institutional investors, underscoring a significant vote of confidence in the altcoin’s potential. Other major tokens, such as Litecoin and Chain shirtinflows worth $0.8 million were observed, with Solana noting outflows of $0.2 million.
XRP Institutional Inflows. Source: CoinShares
Second, the relative strength index (CSR) is currently positioned in the bullish zone, indicating positive momentum. The RSI, a critical technical indicator, suggests that buying pressure exceeds selling pressure, pointing towards a favorable outlook for XRP.
The bullish RSI reflects growing investor sentiment and suggests that recent institutional investments may be well positioned.
Securing the neutral line at 50.0 as support would further confirm a bullish trajectory for XRP. If the indicator holds support above this line, this would signify sustained buying interest and a potential continuation of the uptrend.
To know more: How to buy XRP and everything you need to know
This technical confirmation would strengthen both retail and institutional investors’ confidence in XRP’s bullish outlook.
XRP Price Prediction: Recover from Losses
XRP price, trading at $0.51 at the time of writing, is on the verge of breaking above the 23.6% Fibonacci retracement. This line is also known as the bear market support level and its reversal support could provide XRP with some relief from further reductions.
While the altcoin is on track to recover from recent losses, it would need to rally to $0.54 to do so.
To know more: Ripple (XRP) Price Prediction 2024/2025/2030
But if the breach were to fail, it would not be surprising to see the XRP price collapses less than $0.50. The potential withdrawal will also send the token to test support at $0.47, which will invalidate the bullish thesis.
Disclaimer
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