By The cryptocurrency market has continued its bullish start to the week, with Bitcoin trading above $93,500. Ether, the second-largest cryptocurrency by market cap, is also trading above $3,200 after adding 3% to its value.
However, Ripple’s XRP is the best performer among the top 10 cryptocurrencies by market cap as it is up by nearly 11% in the last 24 hours.
Thanks to the rally, XRP is now trading above $2.3 and could surge higher in the near term.
XRP tops $2.3 amid steady institutional demand
XRP is trading at $2.35 per coin after adding 9.5% to its value since Monday.
The positive performance comes amid growing retail and institutional demand for the cryptocurrency.
According to SoSoValue, XRP spot ETFs listed in the United States (US) experienced inflows of $43 million last week.
This latest data means that since their launch in November, XRP ETFs have maintained steady weekly inflows, suggesting growing institutional investor interest.
1/ 📊 US Spot Crypto ETF Flows — Weekly Recap (ET, Dec 29 → Jan 2) BTC ETFs: +$459M ETH ETFs: -$161M SOL ETFs: +$10.43M XRP ETFs: +$43.16M Source: sosovalue.com/assets/etf/us-… #SoSoValueCryptoETF #BitcoinETF #EthereumETF #SolanaETF #XRPETF #SoSoValue
The five ETF products recorded approximately $13.6 million in inflows on Friday, bringing the cumulative net inflow to $1.18 billion and net assets to $1.37 billion.
In addition to the growing institutional demand for XRP ETFs, retail demand for the cryptocurrency is also improving.
According to CoinGlass, XRP’s futures Open Interest (OI) reads $4.69 billion, up from the $3.8 billion recorded on Monday.
The OI has increased significantly from the $3.3 billion recorded last week, signaling that retail demand is making a comeback and may continue to support the uptrend in prices.
XRP eyes the $2.5 psychological level as the bullish momentum increases
The XRP/USD 4-hour chart is bullish and efficient thanks to XRP adding 26% to its value in the last seven days, making it the best performer among the top 10 cryptocurrencies by market cap.
XRP established a strong support at the 50-day Exponential Moving Average (EMA) of $2.05 earlier this week. This support level suggests that the bulls currently have an edge over the bears.
The technical indicators are also bullish. The Moving Average Convergence Divergence (MACD) indicator upholds a positive outlook on the 4-hour chart, suggesting a bullish bias.
Similarly, the Relative Strength Index (RSI) at 80 and rising supports XRP’s bullish thesis.
The RSI suggests that XRP is now in the overbought region, with further buying pressure expected in the near term.
With the resistance level at $2.34 now flipped, XRP could target the next psychological resistance above $2.52.
However, if the bears regain control, XRP could retrace towards the $2.13 resistance-turned-support level.
The next major support level stands at $2.05 and could serve as a key psychological level for the bulls in the near to medium term.
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