"Buying Pressure Surges"...XRP, Recovers from Support Line, Countdown to Reclaim $1.5

▲ XRP/ChatGPT generated image

XRP is maintaining its key support line and continuing its upward trend amidst the spread of risk asset preference. The simultaneous increase in derivatives market and ETF fund inflows appears to be boosting overall market sentiment.

According to crypto media outlet FXStreet on April 17, local time, XRP is maintaining a short-term upward structure, trading above the key support level of $1.40. Although the rise was limited near the weekly high of $1.47, the overall market sentiment is still considered bullish.

In the derivatives market, there was a clear increase in open interest. XRP futures open interest expanded from $2.58 billion to $2.71 billion in a single day. Compared to the average of $2.38 billion at the beginning of the week, this indicates a rapid recovery in investor risk appetite.

Institutional fund inflows are also supporting the upward trend. Approximately $11.87 million flowed into XRP spot ETFs in one day, continuing a net inflow for 5 consecutive trading days. The cumulative inflow reached $1.26 billion, and the net asset value was estimated at $1.08 billion.

Technical indicators also support the possibility of a short-term rise. The Relative Strength Index (RSI) is approaching the overbought zone at an early 60s level, and the Moving Average Convergence Divergence (MACD) is maintaining a positive trend above the zero line. This structure indicates that buying pressure is maintaining market dominance.

However, mid-to-long-term resistance levels remain strong. The $1.55 level, where the 100-day exponential moving average (EMA) is located, and the $1.82 level, where the 200-day EMA is located, are capping the upside. On the downside, the $1.41 and $1.32 levels act as key support lines.

With the simultaneous expansion of ETF funds and the derivatives market, the market has entered a phase where a central axis of fund flows is being formed. If a structure where institutional funds and retail investor demand flow in simultaneously is maintained, a phase of liquidity-driven price revaluation will strengthen, rather than market volatility.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*