With a significant amount of interest from Institutions, XRP has been tracking well as the digital market continues to evolve, despite the recent decrease in the value of the coin.
Interest from the investment community still appears to be focused on the flow data as well as the broader structure of the overall market. At press time, the coin is trading at $1.86 with a decrease of 2.99% over the past 24 hours.
As per the recent Update on X by XRPUdate, XRP ETPs have attracted a lot of capital from Institutional Investors, with XRP-related exchange-traded products showing $8.54 million in net inflows, increasing the total amount of ETF/ETP held assets to about $1.16 billion.
The trend of continuing net inflows into these ETPs is indicative of Institutional Investors responding positively to the coin and shows that even as the broader market continues to be uncertain, Institutions are continuing to engage with the coin.
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According to the daily TradingView chart, the coin’s trading activity appears to have settled into a support area between $1.85 – $1.90. The Relative Strength Index (RSI) remains below neutral, indicating an overall lack of momentum, and the declining On-Balance Volume (OBV) appears to show an overall lack of buying pressure on the coin. This current technical situation signals that the coin appears to be in consolidation and is not in the process of turning around anytime soon.
According to Coinglass’s records of XRP exchange-traded product net inflows, many of the spikes of positive net inflows occurred during the month of November and into early December. The spikes of positive inflows coincided with the coin’s decline in price and demonstrate a divergence that is often associated with Institutions acquiring it during corrective price declines.
In conclusion, XRP’s price movement is currently under pressure, and the steady stream of deposits into ETPs continues to build a case for the bullish view of XRP.
Once the coin stabilizes and holds above important support areas and an increase in the number of positive momentum indicators, it should be in a good place to make a stronger, directional price move upward when macroeconomic conditions improve.
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