XRP Corrects After Surging to $1.70, But Demand Remains Strong

Ripple's XRP token is experiencing a correction after surging to $1.70 last week, with prices currently trading around $1.48. This represents a 13% drop from its peak and follows a 72% increase from $1.00 just last week. The broader crypto market has been on an upward trend, contributing to XRP's gains.

Despite the correction, there are signs that demand remains strong for XRP. US-listed XRP spot Exchange-Traded Funds (ETFs) have seen inflows of approximately $40 million over the past week, marking a significant increase from previous weeks. This brings cumulative inflows to $1.55 billion.

Nexo's Dispatch Analyst Iliya Kalchev notes that reclaiming the 1.40-1.50 zone would be a more realistic marker for XRP to watch, rather than last summer's peak of $3.65. Reaching this level would indicate that XRP has regained ground lost earlier this year.

Technical analysis suggests that XRP is still in a bullish phase, despite the recent correction. The 200-day EMA at $1.35 continues to underpin the advance, with other EMAs and support levels below price reinforcing a stacked bullish structure.