XRP Coils At Support: Refusal To Drop Hints At Potential Reversal — Here’s Why

XRP exchange-traded funds (ETFs) have extended their record inflow streak to 13 consecutive days, approaching the $1 billion milestone, reflecting a significant surge in institutional interest in the cryptocurrency. This trend indicates a growing confidence among investors in XRP's market potential.

Bitcoin has successfully reclaimed the $93,000 mark, continuing its relief rally that began earlier in the week. This recovery follows a sharp selloff in the cryptocurrency market, where Bitcoin had previously dipped below $90,000. Analysts express cautious optimism, noting that this uptick may indicate a shift in market sentiment after a prolonged bearish phase.

XRP exchange-traded funds (ETFs) have seen a significant increase in holdings, reaching $915 million following new purchases, indicating a growing institutional interest in diversifying cryptocurrency investments beyond Bitcoin and Ethereum.

Malaysia has established an air and ground task force aimed at shutting down 14,000 Bitcoin (BTC) mining rigs, as reported by Bloomberg. This initiative reflects the government's ongoing efforts to regulate cryptocurrency mining activities within the country.

XRP is currently at a pivotal trading point, with market speculation divided between a potential rise to $3 or a decline towards $1.20. This uncertainty comes as the cryptocurrency market experiences fluctuations, with XRP trading around $2.18 and maintaining a significant market cap of $131 billion.

XRP's price has recently declined to $2.13, approaching a critical support level as short interest increases and on-chain activity rises, reflecting a 1.3% drop over the past day. This trend follows a week of consistent weakness in the cryptocurrency market, raising concerns among investors about potential further declines.

Bitcoin's price has surged above $93,000, marking a significant recovery from recent lows, while altcoins such as Cardano (ADA), Ethereum (ETH), and XRP have also seen notable increases. This upward movement comes amid warnings from traders about the possibility of a 'fakeout rally,' suggesting that the market may not sustain these gains.

XRP has cleared a resistance channel, with traders now focusing on the $2.33 to $2.40 price zone, indicating a potential upward trend in the cryptocurrency's value. This movement follows a period of fluctuating prices, where XRP had been trading within the $2.16 to $2.25 corridor, reflecting market volatility and trader caution.