XRP, the only fund inflow amidst Bitcoin fund outflows, will it break $1.40?

▲ 리플(XRP) ©

Amid concerns of institutional fund outflows across the broader cryptocurrency market, XRP (Ripple) is boosting expectations of breaking the $1.40 resistance level, buoyed by a surprise fund inflow and the integration of its institutional derivatives market.

According to investment media FXStreet on April 29 (local time), XRP is trading around $1.39, participating in a broader market recovery where the leading cryptocurrency, Bitcoin (BTC), rebounded from $75,650 to above $77,000. If it surpasses the key resistance level of $1.40, it could seize bullish leadership, but if the upward movement is halted at this level, a general bearish bias is expected to dominate the trend.

Institutional investor demand has recently shown some contraction. Bitcoin spot exchange-traded funds experienced consecutive outflows on Monday and Tuesday. However, according to financial data platform SoSoValue, the XRP spot exchange-traded fund defied this trend, performing well with a net inflow of $2.2 million on Tuesday. This brings the cumulative inflows to $1.29 billion and the average net assets under management to $1.05 billion. This increase in demand must be sustained to solidify positive market sentiment.

Alongside this, the expansion of institutional services is notable. Bullish, a Cayman Islands-based institutional-grade cryptocurrency exchange, has fully integrated Ripple Prime into its regulated Bitcoin options trading market. This allows Ripple Prime clients direct access to Bullish's Bitcoin options market without additional identity verification procedures, and trading fees can be paid with its native stablecoin, RLUSD, further enhancing ecosystem utility.

Technical indicators still call for a cautious approach. The current XRP price remains below the 50-day exponential moving average (EMA) at $1.41, and it is trapped below the 100-day EMA at $1.52 and the 200-day EMA at $1.76, suggesting a broad bearish structure despite being in a consolidation phase. The Relative Strength Index (RSI) on the daily chart hovers just below the neutral line of 50, and the Moving Average Convergence Divergence (MACD) histogram has slipped back into negative territory, supporting the notion that recent upward attempts are losing momentum.

If selling pressure resumes, the primary support level where buyers will attempt to stabilize the price is identified at $1.34, near the past uptrend line. Conversely, for a significant bullish reversal, XRP must decisively break above the 50-day EMA at $1.41 to alleviate bearish bias, which could then pave the way for a rally towards $1.52 and $1.76.

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