Ripple's XRP is experiencing significant changes, including technical signals and increased interest from institutional traders. After a recent 12% drop, the asset shows signs of recovery.
Technical Signs of Stabilization
Analysis shows that the TD Sequential indicator on XRP's hourly chart has identified "multiple buy signals". This came after the asset failed to break above the $2.70 resistance and fell to a support level of $2.31 on Saturday.
Institutional Interest and ETF Demand
Derivative market data indicates a 6.47% decline in XRP's open interest to $4.71 billion. However, institutional interest remains. The Teucrium 2x Long Daily XRP ETF (XXRP) added $30.4 million in assets last week, reflecting growing interest.
Future Prospects for XRP
Key resistance levels are at $2.55 and $2.75, while Polymarket traders assign an 83% chance of XRP ETF approval this year. It's crucial to maintain the $2.22 support level to avoid further downside pressure.
XRP is showing signs of recovery following a significant drop. Current technical indicators and growing ETF interest suggest a potential positive trend ahead.
