XRP price has remained in a tight range in the past few days as the recent crypto market recovery has stalled.
Summary
- XRP price has formed a bullish flag pattern on the daily chart.
- The Supertrend indicator has turned green, a bullish sign.
- The XRP ETFs have continued adding assets in the past few days.
Ripple (XRP), one of the top utility tokens, was trading at $2.20, a range it has been in in the past three days. Still, this consolidation could be calm before the storm as a bullish pattern forms and as ETF inflows rise.
Data shows that American investors continued buying XRP tokens even as its price remained under pressure. These funds had over $243 million in inflows during the week, higher than the previous week’s $179 million.
Canary’s XRP ETF now has $340 million in assets, while Bitwise’s fund has $178 million. Franklin and Grayscale’s ETFs have over $85 million and $83 million, a sign that demand continues to rise. This trend will likely continue in the coming weeks as more XRP ETFs are launched.
XRP price will likely benefit from the ongoing surge in Ripple USD transactions. Artemis data show that the supply has jumped to $1.3 billion, while its 30-day transactions soared to over $3.6 billion. This is a sign that it is not a dormant stablecoin as many others.
Still, there are a few risks, including the ongoing whale selling and the fact that the XRP Ledger network is not doing well. The number of transactions has dropped, while the burn rate has slumped.
XRP price technical analysis
The eight-hour chart shows that the Ripple price bottomed at $1.8133 on Nov. 21 to the current $2.1850. It has moved above the 23.60% Fibonacci Retracement level at $2.1185.
XRP has moved above the Supertrend indicator and formed a bullish flag pattern. This pattern is one of the most bullish patterns in technical analysis, and is made up of a vertical line and a rectangle pattern.
Therefore, the most likely XRP price forecast is bullish, with the next target being at the 50% Fibonacci Retracement level at $2.4600. This target is ~12% above the current level. Over time, the coin will likely continue rising, potentially to $3.
