The post Ripple News Update: Institutional Interest Boosts XRP Price to New 2023 High appeared first on Coinpedia Fintech News
Amid cryptocurrency fluctuations, XRP has emerged as the leading contender, attracting an investment inflow of $1.1 million in the week that ended on June 16th. This surge in institutional investment arrives despite the overall cryptocurrency market experiencing its first pullback in eight weeks.
This unanticipated gravitation towards XRP defies the prevailing trend of net outflows in the broader digital assets space. As it stands, if this elevated interest in XRP endures through the weeks ending June 23rd and June 30th, it could pave the way for substantial upswings for the token.
2023: The Year of the XRP?
By the end of the year, we could see XRP values reach $1 or even $1.5. This prediction is backed by optimistic indications from key indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), both of which appear to be edging toward bullish signals. A successful outcome in Ripple’s ongoing legal battle against the SEC could further cement this promising trajectory.
The onset of bullish momentum could coincide with the RSI securing the neutral line as support and the MACD experiencing a bullish crossover, where the MACD line surpasses the signal line. The current value of XRP stands at $0.51, holding the potential for further increases in profits.
XRP Price Analysis
The aforementioned resistance termed a supply zone, comprises a significant cluster of sellers. However, if XRP bulls can curb their selling proclivities, this seller congestion zone could flip into a breaker block, perceived as an unsuccessful order block.
Despite the optimistic outlook, the robust selling pressure within the supply zone could potentially thwart XRP’s price climb, transforming the 50-day EMA at $0.49 from support into resistance.
In the worst-case scenario, XRP could forfeit the 100- and 200-day EMA supports at $0.47 and $0.45, respectively. As the market dynamics continue to evolve, only time will tell how these forces will shape XRP’s trajectory.
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Amid cryptocurrency fluctuations, XRP has emerged as the leading contender, attracting an investment inflow of $1.1 million in the week that ended on June 16th. This surge in institutional investment arrives despite the overall cryptocurrency market experiencing its first pullback in eight weeks. This unanticipated gravitation towards XRP defies the prevailing trend of net outflows …
