- Giving up recent gains
- Bucking the beaish inflow trend
Salaheddine Bouhmid, head of markets at IG Europe, believes that the $2.3 level will be crucial for XRP holders to hold.
So far, buyers are defending that level, but it remains to be seen whether XRP bulls will manage to revive the lost momentum.
So far, according to the analyst,$2.62 is acting as a major resistance level. If XRP’s price manages to rise above the aforementioned price point, it would break the resistance.
This could encourage more buying that “could bring new momentum and end the downtrend,” according to Bouhmid.
Giving up recent gains
XRP is currently changing hands at $2.52, according to CoinGecko data.
St. Louis Fed President Alberto Musalem said he expects the US economy to rebound early next year, throwing cold water on future interest-rate cuts with caution.
XRP has plunged by nearly 2% on Musalem’s latest comments, which are undoubtedly bearish for risk assets.
Bucking the beaish inflow trend
According to a recent report published by CoinShares, XRP has managed to buck the bearish trend in terms of fund inflows. XRP-based investment products attracted a total of $28.2 million worth of flows despite Bitcoin and Ethereum ones bleeding $931 million and $438 million, respectively.
Source: https://u.today/this-is-key-level-to-watch-for-xrp-bulls-amid-price-recovery
