XRP Ticks Up on Strong Institutional Demand, Holds Key Support at $1.35
Ripple's XRP token has been rising steadily, with traders defending its support at $1.35. This level is significant as it marks the 200-day Exponential Moving Average (EMA) for XRP. According to Mitrade, institutional interest in XRP remains strong, driven by the steady inflows into US-listed XRP ETFs.
The total inflows into these ETFs have reached $1.66 billion since August 22, with net assets under management averaging $1.44 billion. The persistence of this demand could provide a tailwind for XRP's recovery, as it absorbs selling pressure in the open market and supports stability.
From a technical analysis perspective, XRP is currently holding its key support at $1.35. If it continues to hold above this level, the technical tone should remain constructive, with any pullback likely viewed as a dip within a broader bullish phase rather than a trend reversal.