XRP Dips Below $2, But Analysts Eye 5X Rally Potential

Amid today’s crypto market correction, XRP’s XRP $1.98 24h volatility: 3.8% Market cap: $120.10 B Vol. 24h: $3.68 B price fell 4%, losing the $2.0 support. Spot XRP ETF inflows keep investor optimism alive.

XRP is down nearly 18% from its Jan. 6 highs of $2.40 as bearish sentiment grips the market, but continued spot XRP ETF inflows are keeping investor optimism alive.

XRP Price Faces Selling Pressure, but Analyst Remains Bullish

After briefly consolidating between $2.05-$2.06, XRP’s price fell to an intraday low of $1.906 before partially rebounding to $1.97.

XRP’s open interest dropped 10% to $3.58 billion, while daily trading volume increased 166% to $3.66 billion.

Despite the volatility, some investors remain bullish on its long-term prospects.

Crypto analyst Crypto Patel said XRP is trading above a confirmed multi-year breakout zone on the higher-timeframe (HTF) chart.

This shows that the token may be setting up for another major upside move following a prolonged accumulation phase.

Patel noted that XRP has already posted a strong expansion after breaking out near $0.60.

Since then, the price has increased by 600%, and is now rebuilding the structure for the next leg higher.

He highlighted a descending wedge breakout spanning 2020 to 2024 as a key technical catalyst.

According to Patel, XRP’s current focus area sits around a fair value gap and accumulation zone between $1.90 and $1.30.

He said the higher-timeframe bullish structure remains intact as long as XRP holds above $1.30.

The analyst has outlined upside targets at $3.50, $5.00, $8.70, and $10. However, he said that any closing under $1.30 will invalidate this structure.

XRP ETF Inflows Remain Consistent

Even with the XRP price pullback, inflows into spot XRP ETF have continued at a consistent speed.

Data from SoSoValue shows that XRP ETFs have continued to attract assets since their approval late last year.

Net inflows rose by $1.12 million on Friday, Jan. 16, lifting cumulative net inflows to $1.28 billion.

Grayscale’s GXRP ETF added over $287 million in inflows, bringing its assets to $291 million, while Bitwise’s XRP ETF added $310 million, reaching a similar $291 million.

So far this year, spot XRP ETFs have attracted more than $108 million, with total assets exceeding $1.52 billion for the first time.

next

The post XRP Dips Below $2, But Analysts Eye 5X Rally Potential appeared first on Coinspeaker.