XRP Breakout Momentum Gains Steam as Institutional Investors Pile In
Ripple's XRP token continues its upward trend, trading near $1.60 on Friday and marking the second straight day of gains after a slight pullback earlier in the week.
The short-term outlook for XRP is structurally solid, with bulls tightening their grip on the remittance token. This raises the odds of an extended breakout towards August highs of $1.70 and the key $2.00 hurdle.
The crypto Fear & Greed Index sits at 71 in Greed territory, suggesting investors are willing to take on more risk, expecting prices to keep rising. XRP spot Exchange-Traded Funds (ETFs) have seen inflows of roughly $15 million on Thursday, down slightly from $18 million on Wednesday and $20 million on Tuesday.
In the derivatives market, perpetual futures Open Interest (OI) remains steady at 2.4 billion XRP on Friday, up only marginally from 2.38 billion XRP the day before. This indicates ongoing price increases due to sustained interest among institutional investors.