XRP eyes open above $2.3.
Key receivers
XRP has overtaken BNB to become the third largest cryptocurrency by market capitalization.
The coin may rally to the $2.3 resistance level in the near future.
XRP is 2.1 dollars higher
XRP, a native of the Ripple ecosystem, has surged 13% over the past seven days, outperforming Bitcoin and Ether in the process. The rally came as institutional and retail demand rose.
XRP spot ETFs listed in the United States (US) experienced $43 million in inflows last week. The data shows that interest from institutional investors has been growing since the funds launched in November, expecting steady weekly inflows.
The five XRP ETF products recorded nearly $13.6 million in inflows on Friday, bringing total net income to $1.18 billion and net assets to $1.37 billion.
Furthermore, retail interest in XRP is slowly returning following the coin's poor performance in December. According to data from Coinglass, XRP futures open interest (OI) increased to about $3.8 billion on Monday, up from $3.6 billion the previous day. OI gained an average of $3.3 billion on Thursday, indicating that retail demand is slowly returning.
XRP saw a breakout above $2.3.
The 4-hour chart of XRP/USD is very bright and active as the coin has performed well over the past few days. At press time, XRP was at $2.12, above the 50-day EMA support level of $2.05.
The Moving Average Convergence Divergence (MACD) indicator supports a positive outlook on the daily chart, with green histogram bars expanding above the average line.
The Relative Strength Index (RSI) at 75 and rising supports XRP's bullish thesis. If RSI continues to rise, XRP may enter overbought territory.
If the bullish trend continues, XRP may rally to the next resistance levels represented by the 100-day EMA at $2.22 and the 200-day EMA at $2.34. However, a failure to push higher could see XRP retest the $2.00 psychological level.
