XRP has once again captured the attention of investors, regaining momentum on the charts and sparking newfound interest. The recent buzz surrounding the token escalated when VivoPower announced a $100 million investment in XRP, incorporating it into its official treasury reserve. This move signifies a significant vote of confidence in the digital asset.
At the same time, Ripple CEO Brad Garlinghouse dispelled rumors of an acquisition of Circle, providing much-needed clarity to the market. Ripple, now in its 8th year, continues to exhibit purpose-driven leadership by allocating $200 million towards social good initiatives. These developments have reignited optimism in the market outlook for XRP.
XRP Market Sentiment:
The current market cap for XRP stands at $131.85 billion, reflecting a 2.19% increase over the past 24 hours. Trading volume has surged by over 6%, reaching $2.4 billion, indicating heightened participation and liquidity in the market. The price of XRP has rebounded from local lows, with a 24-hour price range between $2.19 and $2.28. Technical traders are closely monitoring as XRP approaches key moving averages.
On-chain data further supports this positive sentiment. Exchange inflows remain moderate, suggesting limited selling pressure. Additionally, wallets holding between 1 million to 10 million XRP have slightly increased their holdings, signaling confidence among larger holders at current price levels.
Ripple XRP Price Analysis:
Currently priced at $2.24, XRP has experienced a 2.35% increase over the past day. After dipping to $2.1279, the price has risen back above key support levels. The 9-day SMA is hovering around $2.22, serving as a dynamic support zone. If XRP gains momentum, it could potentially retest resistance near $2.3496. However, with the RSI at 46.42, the trend remains neutral to slightly bearish in the short term.
Failure to sustain above $2.20 may invite renewed selling pressure, potentially pushing the price back towards the $2.1279 support level. Nonetheless, a sideways trend above this mark could pave the way for a stronger bullish move by mid-June.
In conclusion, the recent developments surrounding XRP, including VivoPower’s investment and Ripple’s commitment to social good initiatives, have generated renewed optimism in the market. While the short-term trend remains neutral to slightly bearish, holding above key support levels could potentially shift the trend to bullish. Investors and traders are advised to stay informed and monitor key resistance levels for potential breakout opportunities in the near future.