XRP price struggles near $2.06, forecasted to reach $3.10
XRP-USD has been facing pressure in recent trading, hovering around $2.06, despite maintaining a strong structure. This resilience is supported by a significant influx of nearly $1 billion in institutional ETFs, unprecedented on-chain activity, and Ripple’s substantial $4 billion expansion campaign.
The XRP market continues to be influenced by various factors, with the digital asset struggling to break through resistance levels. Despite significant efforts to rally, the XRP-USD pair has failed to maintain support above $2.07. This lack of momentum has led to XRPI holding within a range of $11.73 to $12.26, while XRPR has dropped to $16.65. Despite these setbacks, XRP ETF inflows have reached an impressive $887 million, indicating continued interest and investment in the digital asset.
In contrast, other cryptocurrencies like Bitcoin are experiencing different challenges. Bitcoin’s price sits at $91,227, but recent outflows from Bitcoin ETFs have surged. IBIT, in particular, has seen a significant $2.7 billion exodus over five weeks, reflecting a shifting sentiment in the market. This, coupled with a critical resistance range of $96,000 to $106,000, has created a volatile environment for the cryptocurrency.
On a more positive note, the CGDV ETF has shown remarkable growth, reaching $43.64, with a 21.7% compound annual growth rate in dividends. With over $24.5 billion in active assets, a tech-heavy weighting of 25.7%, and a year-to-date net asset value growth of 25.08%, the CGDV ETF is signaling potential upside toward a range of $48 to $50.
Despite the challenges faced by XRP-USD and Bitcoin, the overall cryptocurrency market remains dynamic and volatile. Traders and investors are closely monitoring these developments to navigate the shifting landscape and make informed decisions based on market trends and fundamental analysis. The coming days will be crucial in determining the direction of these digital assets and the broader market as a whole.
