XRP price has reversed from its recent multi-week high of $2.30 to trade at $2.18 at press time. Despite this slip, Ripple still eyes gains past $3 after the first spot XRP ETF offered by Teucrium amassed over $40M in net assets, barely a month after launching. The ETF’s success comes after Teucrium’s CEO told Bloomberg that XRP has the most utility among other crypto coins.
XRP Price Eyes Further Gains Amid ETF Success
According to the Teucrium website, the 2x Long Daily XRP ETF has amassed more than $40M in net assets. This is a commendable milestone considering that the product launched on April 8 and has been trading for less than three weeks.
Teucrium’s XXRP leveraged product is the first XRP ETF to launch in the US, and the amount of interest it is amassing from investors despite ongoing market anxiety is a bullish sign for the Ripple price and could aid a breakout past the key resistance hurdle of $2.20 to all-time highs.
At the same time, Teucrium’s CEO appeared in an interview with Bloomberg, stating that XRP has the most utility in the crypto industry. He opined that Ripple has amassed utility across payments, tokenization, and most recently, brokerage services after the acquisition of Hidden Road.
Besides institutions, whales are also rapidly accumulating XRP and possibly positioning themselves for further gains. Data from Santiment shows that as XRP price broke out to multi-week highs, the addresses holding between 1M and 100M Ripple purchased 260M tokens.
The high interest from whales and institutions shows a bullish outlook towards XRP value today and confidence among traders that the altcoin will extend its gains and smash the $3 price level to create a new record high in the coming months.
Ripple Teases Breakout From Channel Pattern
After forming a series of lower lows in the last three months, the XRP price is now teasing a breakout from a descending parallel channel, to form a higher low. This breakout will be confirmed if Ripple can make a decisive close above resistance at the upper trendline.
The first resistance level that XRP price needs to overcome if this breakout happens is $2.75. If it flips this level, the uptrend will continue past $3 towards the next hurdle of $3.29. Clearing this hurdle will unlock the rally to all-time highs.
However, traders should take note of the RSI movements, which currently show that the recent buying pressure that pushed Ripple to $2.30 is weakening. The RSI needs to recover and continue rising for a strong upward momentum. The uptrend will also occur if the MACD line crosses above the zero line.
This bullish XRP price forecast will be invalidated if the RSI falls back below 50, and the MACD rise turns out to be a fake breakout. An extension of the downtrend will happen if the XRP price falls below support at $2.05.
Considering the high institutional interest towards Teucrium’s XRP ETF and whale accumulation, it is likely that Ripple resumes its recent uptrend. However, traders booking profits after the recent rally might stall the uptrend.
Frequently Asked Questions (FAQs)
XRP price can resume its uptrend and possibly reach $3 if buying activity resumes. At the same time, the high institutional interest and whale accumulation suggest that a price rally could be on the horizon.
Teucrium’s XRP ETF is a leveraged XRP product that seeks to give investors exposure to Ripple. The product launched on April 8 and was the first Ripple ETF in the US.
The daily price chart shows that XRP is attempting to break out from a descending parallel channel. If it does, it could spark a major price recovery.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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