- XRP price has moved horizontally in the past few months.
- Spot Ripple ETFs have continued adding assets this month.
- Technical analysis suggests that the coin is in the accumulation stage.
XRP price remains in a tight range this week, continuing a narrow range that started in February this year. It was trading at $1.4293 on Saturday, a few points above the key support at $1.2840. So, what next for the Ripple price as spot ETF inflows continue.
Ripple ETF Inflows Have Continued
The XRP price has moved sideways in the past few months, making it one of the top laggard in the crypto industry. This performance happened even as Bitcoin has jumped to its highest point in months. Ethereum and top altcoins like Venice Token and Bittensor have broken out.
A likely reason for this is that the XRP Ledger network is not growing as some analysts were expecting. For example, the RLUSD stablecoin’s assets have failed to move above the $1.5 billion mark this week.
Similarly, data shows that the total value locked (TVL) in the XRP Ledger network has remained stagnant at $49 million. Its chain fees dropped to $75k in the first quarter, while the chain revenue plunged to $75k. This is a sign that the network and dApps in its platform are not making money as was widely expected.
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More data shows that the XRP Ledger’s account metrics have continued falling in the past few months. In theory, this should be a great year for the the network after the recent acquisitions, including Hidden Road and GTreasury. Hidden Road became Ripple Prime, while GTreasury has become part of its custody business.
XRP price has remained in a narrow range despite the rising ETF inflows. These funds added over $34 million this month after adding over $81 million in the previous month. These funds have added over $1.32 billion since their inception and now hold $1.12 billion in assets. This is a sign that that American investors are in an accumulation mode.
XRP Price Prediction: Technical Analysis
XRP price chart | Source: TradingView
The daily chart reveals that the Ripple token has moved sideways in the past few months. It formed a double-bottom pattern at $1.2780 and a neckline at $1.6064, its highest point in March this year.
The token has moved to the accumulation phase of the Wyckoff Theory. This phase is characterized by sideways movements with relatively high volume.
It has moved slightly above the 50-day Exponential Moving Average (EMA). Therefore, the coin will likely have a strong bullish breakout in the coming days. If this happens, the next key level to watch will be at the neckline at $1.6035. A move above that level will point to more gains, potentially to $2. However, a drop below the key support level at $1.2780 will invalidate the bullish outlook.
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