Amid the intense volatility in the market, Ripple’s XRP has consistently held up as a major player. The ongoing lawsuit between Ripple and the SEC, a critical factor in XRP’s future, is awaiting a decision. However, XRP has managed to maintain a stable performance and attract a broad spectrum of investors and traders. Currently, the price of XRP is in a consolidation phase, hovering below the $0.49 mark, raising hopes for a major move forward.
XRP’s bullish developments inspire confidence
In a week where the cryptocurrency market has experienced a significant surge, digital asset investment products have witnessed a major inflow of $125 million. While Bitcoin undoubtedly captured the lion’s share of investor interest, posting a remarkable $123 million inflow, it was Ripple’s XRP that really shined, raking in over $400,000 and holding its upside.
According to CoinShares’ latest weekly report, XRP’s exchange-traded products have shown exceptional performance. In June alone, there was an inflow of $2.8 million, a figure that surpasses all other altcoins. Since the start of 2023, XRP-related products have accumulated an impressive $6 million in cash flows.
Nevertheless, a wave of concern 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 raised concerns about a possible downtrend in the market.
Ripple Labs executed three transactions, releasing a total of one billion XRP coins from escrow. The first transaction unlocked 300 million XRP tokens, followed by two more, releasing 200 million and 500 million tokens respectively to boost liquidity.
While the release of XRP may be seen as a concern by some, it could potentially provide an opportunity to collect more of the wealth in the near future.
What’s next for the XRP price?
XRP price is currently facing a bearish consolidation trade as it sees dominance from sellers near the $0.48 low. While bears try to push the price below the immediate support line at $0.47, buyers are preventing further decline. This move indicates that XRP still has a chance to move up as bulls continue to buy near the current dip. At the time of writing, XRP price is trading at $0.4836, down more than 0.5% from yesterday’s price.
The 4-hour price chart underlines the importance of $0.44 as an essential support level to watch in the near term. If the price of XRP falls from the current support line, it could target the $0.44 level. A break below this point could lead to a further decline to USD 0.4. However, this level could also lead to significant buying by optimistic investors.
The 20-day EMA remains a crucial barrier for bullish traders to overcome. If buyers manage to break through the $0.5 barrier, it could pave the way for a rise towards the key resistance level of $0.53.
