XRP price remained under pressure in the past few days, moving from a high of $2.42 on January 5 to the current $2.06. It has plunged by over 43% from its highest point in July last year despite having some major catalysts, including the rising ETF inflows and regulatory success. This XRP price prediction explores what to expect as the recent recovery faltered.
XRP Price Rally Loses Momentum After CLARITY Markup Stall
Ripple price has pulled back in the past few weeks as it dropped from a high of $2.4227 to the current $2.06. This retreat coincided with the ongoing retreat of Bitcoin and other altcoins like Solana and Cardano.
The recent phase of the retreat happened after the Senate Banking Committee paused the progress of the Market Structure Bill shortly before its markup on Thursday. This happened after Coinbase withdrew its support, citing concerns about stablecoin rewards.
XRP token has also faced other challenges, including low volume and futures open interest. Data shows that the 24-hour volume was just $2.4 billion, much lower than its normal average of over $5 billion. Also, the futures open interest has been in a downward spiral this week, a sign that investors are not deploying leverage as they did earlier this year.
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Still, on the positive side, XRP has some potential catalysts that may boost its performance in the near term. Data shows that spot XRP ETFs are seeing modest inflows this year. These funds have added just $108 million in inflows this year, bringing the total to $1.28 billion and the net assets to over $1.56 billion.
Additionally, Ripple will soon enable Permissioned DEX tools to the XRP Ledger platform in the coming weeks. This feature, which was proposed last year, will enable financial institutions to engage in permissioned flows on a fast, scalable and resilient blockchain network.
Ripple Price Technical Analysis
The daily timeframe chart shows that the XRP price has retreated in the past few days, moving from a high of $2.4227 on January 5 to the current $2.06. It has remained below the Supertrend indicator and all Exponential Moving Averages (EMA).
The Relative Strength Index (RSI) and other oscillators have all pointed downwards. Also, the token has moved below the weak, stop, & reverse level of the Murrey Math Lines tool.
Therefore, the most likely XRP price prediction is bearish, with the next level to watch being at $1.9530. A move below that price will point to more downside in the near term.
On the other hand, a rebound above the key resistance level at $2.4 will invalidate the bearish outlook.
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