XRP Price Hikes Amid Improved Market Sentiment, SEC Momentum
Ripple's XRP has seen significant gains in recent times, with a 72% rally last week pushing its price to $1.70 before it pulled back due to possible profit-taking and an overstretched market trend.
Despite this pullback, the bullish outlook for XRP remains strong, supported by improved crypto market sentiment, which has been driven by the US Treasury's long-term bond buyback program and renewed momentum from the SEC to develop clearer industry regulations.
The Crypto Fear & Greed Index is currently at 74, indicating a 'Greed' territory, but this shows a marginal improvement from the previous day. Meanwhile, XRP ETFs have seen $14 million in inflows on Monday, extending the five-day bullish streak and marking an increase of $1.57 billion in cumulative inflows.
The expanding futures Open Interest (OI) also reinforces the bullish outlook, with 2.5 billion XRP held on Tuesday, up from 2.47 billion the day before. However, this higher OI calls for caution, as a sudden correction could follow if resistance at $1.50 holds.