XRP's Narrow Lead Over Bitcoin Tests Institutional Demand

XRP has outperformed Bitcoin over the past 90 days, gaining 37% compared to Bitcoin's 36%. Despite this, XRP is still trading at around $1.49, which is 59% below its all-time high of $3.65. The cryptocurrency now faces a critical resistance zone and a new test of institutional demand.

Ripple released 1 billion XRP from escrow on October 1, valued at approximately $1.49 billion at the time. However, the company locked 700 million XRP back into escrow, leaving about 300 million XRP from the release outside the new escrow contracts. This supply event was less impactful than initially suggested.

Evernorth, a company holding about 473 million XRP, expects to begin trading on Nasdaq under the ticker XRPN on October 8. This move, along with $75 million in inflows to US XRP ETFs, indicates growing institutional interest in XRP. However, the token still struggles to establish a sustained move above the $1.60 zone.

The next move above or below the current range will reveal whether fresh demand can absorb the supply around XRP. Investors are watching key technical levels and institutional flows to assess the token's future valuation.