- XRP price formed a double-bottom pattern on the daily chart.
- Spot XRP ETFs added over $55 million in assets last week.
- Oscillators suggest that the token will likely have a strong bullish breakout in the near term.
XRP price remains in a narrow range and is not participating in the ongoing crypto market rally despite a strong performance of its exchange-traded funds (ETF). Ripple token was trading at $1.4342 on Saturday, a few points below last Friday’s high of $1.50.
Ripple ETF Inflows are Soaring
SoSoValue data shows that spot XRP ETFs had their best week since January as their inflows soared. They added $55.2 million in assets, a big increase from the previous week’s $11.75 million. This increase brought the cumulative total inflows to over $1.27 billion and the net assets to $1.11 billion.
Other crypto ETFs also had a strong week, with those tracking Bitcoin adding over $996 million, bringing the monthly investment to over $1.62 billion. Spot Ethereum ETFs added $275 million in assets, while Solana added $35 million.
READ MORE: Best Crypto to Buy to Ride the New Bull Run as Iran War Fears Fade
The ongoing inflows happened as investors cheered the ongoing events in the Middle East, where Donald Trump celebrated the reopening of the Strait of Hormuz on Friday. While Iran has rejected some of his statements, analysts believe that the end of the war is close, which will boost risky assets as inflation plunges.
XRP price also wavered after a major milestone happened on Friday. In a statement, Solana said that the XRP token was live on the chain through the integration of Hex Trust and LayerZero, a top network that enables interoperability. This introduction is expected to grow its liquidity across chains, opening new paths for growth across ecosystems.
XRP Price Prediction: Technicals Point to a Rebound
The daily timeframe chart shows that the XRP token has remained inside a narrow range in the past few months. It has formed a double-bottom pattern at $1.2845 and a neckline at $1.6047. A double-bottom pattern often leads to more upside over time.
The two lines of the Percentage Price Oscillator (PPO) have formed a bullish crossover pattern and crossed the zero line. Also, the Relative Strength Index is nearing the overbought level of 70.
Therefore, the most likely scenario is where the token rebounds in the coming weeks since the three lines of the Bollinger Bands have narrowed substantially in the past few weeks.
If this happens, the next key target to watch will be the neckline at $1.6047. A move above that level will point to more gains, potentially to the psychological level at $2.
READ MORE: Tom Lee’s BitMine Stock May Catapult Soon: Here’s Why
