XRP Price Dips Below $0.600 Despite Bitcoin’s Rally, Lacking Institutional Interest

In an unexpected move, the XRP price declined below the key support level of $0.600 on Monday. This dip came despite itcoin">Bitcoin crossing the $42,000 price level and other major altcoins rallying. XRP has shown a strongly positive correlation with itcoin">Bitcoin historically, leading analysts to believe external factors weighed on its price.

The most likely culprit seems to be waning institutional interest. While retail investment in XRP remains strong, institutions have been favoring competitors like Solana. Over the past 11 months, XRP has seen only $13 million enter markets through exchange-traded products (ETPs), less than 10% of inflows to Solana. Just last week, Solana saw $4.3 million enter markets versus only $0.5 million for XRP.

This lack of institutional investment has started impacting XRP’s price. After Monday’s 6% intraday decline, XRP threatened to lose support at the key $0.600 level. While it has since recovered above $0.620, repeated institutional disinterest could lead to further declines. XRP needs consistent large-scale investments to push its price higher.

In the short term, XRP remains at risk of retesting $0.600. A break below this support would invalidate its nascent bullish momentum. However, positive signals on the relative strength index (RSI) and moving average convergence divergence (MACD) indicate that XRP could soon rally to $0.644 resistance. Still, XRP’s price likely depends on attracting sustained institutional interest rather than relying on retail investors alone.

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