XRP Gains 2% on Institutional Demand, Altcoin Rotation
Ripple (XRP) gained more than 2% over the past 24 hours to $1.34, outperforming a flat Bitcoin, primarily driven by steady institutional accumulation via spot exchange-traded funds (ETFs).
This move shows alpha, diverging from the broader market’s muted sentiment.
The push came on the back of sustained ETF inflows, with spot XRP ETFs recording $11.88 million in net inflows on May 30, signalling persistent institutional demand.
Data from SoSoValue shows spot XRP ETFs attracted $11.88 million in net inflows on May 30, extending a streak of positive flows despite broader market weakness.
Institutions are treating XRP as a strategic accumulation target during periods of market instability, providing a steady bid underneath the price.
Two factors contributed: a surge in XRP Ledger utility, with payments hitting 1.69 million on May 28, and a slight risk-on shift into altcoins.
XRP is testing the upper bound of a tight range. The immediate trigger is the persistence of ETF inflows. Key support is the 78.6% Fibonacci level at $1.31.
Resistance is the recent swing high at $1.36. If buying pressure continues and XRP breaks $1.36, it could target the 161.8% extension near $1.40.
The short-term bias is cautiously bullish, contingent on holding above $1.31. A daily close above $1.36 will confirm bullish momentum, or a break below $1.31 will invalidate the uptrend.
XRP’s 24h gain is supported by tangible institutional demand and growing network usage, setting it apart from purely sentiment-driven moves. BNB Dips, Binance Launches x402 for Programmable Payments