- XRP is trading at $1.42, down 6% from its recent high of $1.50.
- Spot XRP ETFs saw a $25.8 million inflow Monday, pushing cumulative net inflows to a record $1.35 billion.
- Analysts suggest technical indicators show potential for a sustained rally, with charts targeting $1.80 or as high as $10.
- Institutional demand for XRP products is accelerating, with CoinShares reporting $40 million inflows in the week ending May 8.
- Social media sentiment for XRP has recently increased to two-year highs.
XRP (XRP) price declined 3.2% over the past 24 hours, trading at $1.42 on Tuesday, as analysts maintained bullish outlooks backed by strong institutional inflows and technical indicators.
Institutional demand for XRP investment products has strengthened notably, according to data from CoinShares. Consequently, XRP exchange-traded products posted inflows totaling $40 million during the week ending May 8.
Meanwhile, flows into spot XRP exchange-traded funds continue, with over $25 million on Monday marking five consecutive days of net inflows. This streak has pushed cumulative net inflows to an all-time high of $1.35 billion, data shows.
CoinShares head of research James Butterfill said this acceleration was supported by developments around the US CLARITY Act. Fellow analyst CW8900 said XRP’s 90-day spot taker cumulative volume delta has flipped green, suggesting “upward pressure in the spot market is increasing.”
Data from TradingView shows XRP/USD is up 5% so far in May, with its futures open interest rising 23% over the same period, per data from CoinGlass. CW8900 added, “It is preparing for another rally.”
In a Tuesday post, analyst Bird said “XRP will rally next” after the price broke above a multi-month support line. Analyst ChartNerd argues this sets the stage for a breakout toward $1.80.
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