Summary
- It reported that despite fund inflows into spot exchange-traded funds (ETFs) for XRP(XRP), bullish momentum has not appeared.
- XRP has the $2.20 level acting as a key support, and recovery of this price level is analyzed to be a turning point for future price direction.
- Experts say there may be a technical rebound if ETF inflows continue and whale selling pressure eases.
Despite strong performance of spot exchange-traded funds (ETFs) for XRP(XRP) in the U.S. market, clear bullish momentum has not been created. Analysts say the $2.20 level is a key support.
On the 26th (Korea time), according to cryptoasset (cryptocurrency) media CoinDesk, Franklin Templeton XRPZ and Grayscale GXRP recorded a total net inflow of 164,000,000 dollars on their listing day.
However, as of 3:18 p.m. that day, XRP was trading at $2.19, down 2.60% from the previous day.
Binance open interest (OI) plunged from 1,700,000,000 dollars to 504,000,000 dollars, marking the lowest level in 12 months. In whales' wallets, 180,000,000 XRP were sold, sustaining downward pressure.
The market views a rapid recovery above the $2.20 level as an important turning point for price direction. Experts say that if ETF inflows continue and whale selling pressure eases, conditions for a technical rebound could be set.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
