XRP price trades below the $2 mark after the latest correction across the broader cryptocurrency market. Recent data shows the XRP Ledger has processed over four billion total transactions, drawing fresh attention from traders.
Analysts observe that in case there is any improvement in the general market sentiment, the trend is constructive despite slight selling pressure.
The crypto market fell by 1.7% within 24 hours, and Bitcoin and Ethereum also dropped. The wider market rally might help XRP to rebound in the short run. Investors are still hesitant in volatility.
XRP Price Gains as Spot ETFs Buy $1.12B in Five Weeks
XRP price gained fresh institutional attention as U.S. spot ETFs recorded heavy inflows during the past five weeks. According to the data provided by market trackers, around $1.12 billion in tokens were bought by ETFs that concentrate on XRP.
Available figures show that the buying activity is sustained demand and not inflow spike.
The net inflows have escalated until the end of November and December to bring the total ETF assets to over a billion dollars.
The inflows were the highest in a number of sessions even when the XRP was at the level of $1.90.
The trend is taken by market participants as a signal that institutional exposure to XRP-linked products is on the rise.
XRP Ledger Passes Four Billion Transactions
The publicly distributed data showed that XRP has reached a significant network milestone, with the total transactions on the ledger surpassing four billion. The update appeared in the industry coverage and remarks of the chief technology officer at Ripple.
According to him, price movement should not be used to measure XRP only, citing transaction growth as a real use. XRP Ledger continues to process the settlements at high speed and low cost, which contributes to its use in payment and infrastructure operations. The adoption of networks is stable in cycles.
Key Levels To Watch For XRP Price
The XRP price hovered at $1.88 after testing the $1.80 support level on the 4-hour chart. Ripple price action stayed range-bound between $1.80 and $2.00, suggesting a consolidation phase.
Source: XRP/USD 4-hour chart: TradangviewSellers remain active below the $2.00 resistance, while buyers defend the $1.80 support zone. A breakout above $2.00 could open the path toward the $2.20 resistance level.
The Relative Strength Index (RSI) stands at 43, indicating low buying momentum below the 50-neutral zone. In the meantime, the MACD lines have crossed bearish, which suggests the risk to the downside.
Source: https://coingape.com/markets/xrp-price-prediction-will-4-billion-transactions-spark-next-rally/
