XRP, alongside Solana (SOL) and Stellar (XLM), has seen significant inflows in its assets under management (AUM), according to the latest CryptoCompare report.
Investors have since the Ripple ruling, which deemed XRP not a security in secondary sales, like those on exchanges like Coinbase and Binance, focused less on Bitcoin (BTC) while concentrating on altcoins.
Funds built around XRP and SOL performed incredibly, with the AUM growing “by 33.2%, accumulating to $65.7 million. Likewise, SOL-focused products rose by 55.7%, resulting in an AUM totaling $87.8 million.”
Can XRP Rally To $1?
XRP is trading at $0.7158 following a 2% spike in the last 24 hours. The recovery stemmed from support confirmed after XRP abandoned the SEC-Ripple ruling-trigged rally at $0.85.
Reinforcing that support was the 100-day Exponential Moving Average (EMA) (blue)), which is still in line to dampen declines in the event of a pullback from the current market value.
On the upside, the 50-day EMA (red) at $0.7206 is making it difficult for bulls to push for a breakout to $1.
However, if more buyers heed the buy signal as confirmed by the Moving Average Convergence Divergence (MACD), the path with the least resistance will stay on the upside.
Bullish crosses in this momentum indicator showcase an improving technical picture, characterized by the MACD line in blue crossing above the signal line in red. Flipping above the mean line is another cue that traders need to look out for when they need to validate their exposure to long positions in XRP.
The support at $0.68 and resistance at $0.85 hold even on the daily chart, with XRP price likely to consolidate before the ultimate breakout to $1.
It is worth mentioning that the MACD dons a sell signal on the daily chart, with the line in blue below the line in red. As the indicator drops toward the mean line (0.00), declines below $0.68 would start to manifest.
In that case, short positions in XRP will turn profitable toward the subsequent support at $0.6, held in place by the 50-day EMA.
The Relative Strength Index (RSI) in the same time frame reveals that the uptrend to $1 may encounter delays, where XRP price may drop to a lower price level to sweep new liquidity ahead of another major breakout to $1. If push comes to shove, traders may have to plan for an extended drop to $0.5 – support reinforced by the 200-day EMA.
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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.
