XRP Price Seeks Breakout Above $3.65 as Institutional Interest Grows
The price of XRP has been stuck in a prolonged downward trend, leading some to speculate that a bottom may be forming.
Ash Crypto notes that despite posting its lowest weekly close in nearly two years, repeated tests of long-term support could signal that sellers are becoming exhausted. If buyers continue defending this zone, it may help XRP form a durable bottom and prepare for a potential reversal.
The presence of high buy volume beyond a critical level of resistance would be favorable for XRP to break out towards the next higher target, potentially reaching $3.65. A strong breakout above this price could help set a new all-time high for XRP.
The growth of regulated investment products, such as ETFs, is also contributing to growing institutional interest in XRP. For example, a wealth management firm based out of Houston, Texas, has revealed that it holds an exposure to the Bitwise XRP ETF, demonstrating increasing interest among professional investors.