Ripple Price Surges 6% as XRP Bulls Eye $1.46 Amid ETF Inflows

Highlights:

• The XRP price has rebounded above the $1.40 support, marking a 6% rise today.
• The XRP ETF inflows and surging open interest in XRP suggest renewed demand.
• The technical picture shows a bullish outlook, as XRP bulls eye the $1.46 zone soon.

The Ripple (XRP) price has rebounded to the $1.42 mark, indicating a 6% increase today. This has caught many investors unprepared, as nobody believed that it could soar above the 6% threshold, from the weekly low of $1.31. This shows increased activity among institutional investors, as its volume has also increased by about 12%. The technical picture shows growing optimism, as the bulls have obliterated the $1.40 resistance and turned it into a support floor. 

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The institutional investors are again getting interested in XRP, and this can be seen by the revival of the inflows in the spot Exchange-Traded Funds (ETFs). According to SoSoValue statistics, the inflows amounted to $3 million on Tuesday, which were covered by the XRP ETF of Bitwise.

The cumulative inflows have remained constant with a figure of $1.23billion. Meanwhile, the total assets under management have increased marginally, with a figure of $981 million. This constant inflow indicates an improving sentiment and is more likely to have a price recovery in the XRP market.

In the meantime, the derivatives market is further positive, as the futures Open Interest is now at $2.38 billion on Wednesday. This is compared to $2.29 billion on Tuesday, marking a 5% increase in the past day. The OI has continued to climb, indicating growing retail demand, as new money is flowing into the market. This outlook may further reinforce the upside movement in the XRP price.

XRP Price $1.46 Zone as Support at $1.40 Holds

The chart shows XRP/USD on a 4-hour timeframe, with the price currently at $1.42, following a 6% pump. The payment remittance token has broken above the falling channel today, which is a bullish signal. The bulls have also shown strength, after flipping the 50-day SMA at $1.40 into support. The next target zone for the buyers remains at $1.55, which aligns with the 200-day SMA. After the breakout, the XRP price is still rallying higher, with potential to hit the $1.46, with a higher barrier at $1.55.

Technical indicators have run wild following the price surge, as they indicate that the altcoin still has momentum. The RSI has surged to 59.25, from the weekly oversold region. Its rise above the 50 mean level shows that the bulls may be unstoppable, as they eye the $1.55 zone. 

Looking ahead, if the Ripple token holds above the $1.40 support floor, a bullish rally towards the $1.46 zone could be imminent. A break above this area will open the doors towards further resistance at $1.55. However, if XRP price loses the $1.40 net floor, we might see a dip to the next support at $1.32, which has cushioned further downside before.

The recent recovery is in tandem with the crypto market, as the Bitcoin price has reclaimed the $66,000 mark today. If the market recovery sustains, major altcoins, including Ripple, could also continue the rebound, as the XRP bulls eye the $1.46-$1.55 mark.

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