XRP Outperforms Bitcoin But Faces Key Resistance at $1.60
Over the past 90 days, XRP has slightly outperformed Bitcoin, gaining 37% compared to Bitcoin’s 36%. Despite this positive momentum, XRP is still trading at around $1.49, which is 59% below its all-time high of $3.65. The token now faces a critical resistance zone near $1.60, alongside a fresh test of institutional demand.
Ripple recently released 1 billion XRP from escrow on October 1, valued at approximately $1.49 billion at the time. However, only 300 million XRP remained available after Ripple locked 700 million back into escrow. This supply event, while notable, appears less impactful than initially perceived.
Evernorth is set to begin trading on Nasdaq under the ticker XRPN on October 8, with an expected holding of about 473 million XRP. Additionally, US XRP ETFs attracted around $75 million in investments during four trading sessions at the end of September. These developments signal growing institutional interest in XRP.
Despite these positive indicators, XRP has struggled to sustain a move above the $1.54-$1.60 range. The next move above or below this zone will be crucial in determining whether fresh demand can absorb the current supply.