Ripple (XRP) Nears $1.60 Breakthrough... $2 Expectation on 3 Consecutive Days of ETF Inflows

XRP attempts to break $1.60... ETF inflows for 3 consecutive days, next target $2?

▲ Ripple (XRP) ©Godasol

XRP (Ripple) is attempting to break the $1.60 mark, fueling expectations for further upside. With institutional funds flowing into XRP spot ETFs for three consecutive days and open interest in the derivatives market maintaining a stable trend, there is technical talk of a potential rise to $2, passing through $1.70.

According to investment media FXStreet on September 25 (local time), XRP approached $1.60 on Friday, extending its gains for two consecutive days. The Crypto Fear & Greed Index recorded 71, indicating a 'Greed' zone, which suggests a sustained risk-on sentiment. Approximately $20 million flowed into US XRP spot ETFs on Tuesday, $18 million on Wednesday, and $15 million on Thursday, bringing the cumulative inflow over three days to about $53 million.

The derivatives market also supports the bullish outlook. On Friday, XRP perpetual futures open interest slightly increased to 2.4 billion XRP from 2.38 billion XRP the previous day. The average open interest for September was 2.08 billion XRP. Analysis suggests that continued institutional demand through spot ETFs and improved risk appetite in the derivatives market are supporting the possibility of further price increases.

Technical trends also lean bullish. XRP is trading around $1.58, above its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) of $1.34, $1.29, and $1.37, respectively. The Relative Strength Index (RSI) is around 65, indicating strong upward momentum without reaching overbought levels. The Moving Average Convergence Divergence (MACD) also remains in positive territory, suggesting sustained buying pressure.

On the weekly chart, $1.59 is considered a key inflection point for further upside. XRP is moving above the 50-week EMA of $1.52 and the 200-week EMA of $1.37, while testing the 100-week EMA at $1.59. A decisive break above $1.59 on a weekly closing basis would strengthen the bullish structure, potentially opening the door for further gains towards the key resistance level of $2, after passing the August high of $1.70.

Conversely, in the event of a correction, the 200-day EMA at $1.37 and the 50-day EMA at $1.34 are identified as key support zones on the daily chart. For further declines, the 100-day EMA at $1.29 and the SuperTrend indicator at $1.28 would serve as the next support levels. On the weekly chart, $1.52 is considered the first line of defense, making the short-term breakthrough of $1.59-$1.60 a critical gateway for extending the uptrend.

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