XRP Price News: ETP Assets Surpass $3 Billion After 17 Consecutive Days of Inflows

XRP (XRP) has gone up by 2% in the past 24 hours although it almost climbed by 4% at some point during the session as the market begins to prepare for this week’s FOMC meeting.

Analysts surveyed by FedWatch are confident that the Fed will cut rates by 25 basis points during this meeting. This marks a significant shift from the 40% odds that we saw back in late October when Chairman Powell questioned the certainty of this cut.

Trading volumes for XRP have gone up by 63% in the past 24 hours to $3.4 billion, indicating that buying pressure is increasing.

XRP ETPs Bring $240 Million in Inflows in a Week

According to this week’s report from CoinShares, exchange-traded products (ETPs) linked to XRP have reached $3.1 billion already. It is now just $200 million away from surpassing Solana’s ETPs, primarily as a flood of ETF launches have occurred in the past few weeks.

ETP Inflows and AUMs per Asset – Source: CoinShares

Moreover, this week XRP ETFs received $244 million in net inflows, surpassing all other assets except Bitcoin in this particular metric.

Comparatively, Solana just received $3 million during this same period while Ethereum’s ETPs brought in nearly $40 million.

In addition, data from SoSo Value shows that XRP ETFs have received positive net inflows for 17 days in a row now, reflecting the market’s growing appetite for the token.

XRP has always been a retail favorite, but institutions seem to be finding it appealing, possibly as Ripple is moving fast to secure licenses all across the world to fulfill its vision of becoming the go-to decentralized platform to send cross-border payments for enterprises.

Ripple USD (RLUSD), the network’s native stablecoin, has already reached a market cap of $1 billion just a year after its launch. The project has been expanding its footprint in the Middle East lately by securing licenses with key regulatory bodies in that region.

In addition, RLUSD currently offers an attractive yield on Aave at 6% per year and its supply pool has already been maxed out on the platform. In this platform alone, $600 million worth of the token have been locked up. A high APY typically attracts investors and helps stablecoins increase their market cap fast.

XRP Eyes $2.2 Resistance to Reverse Downtrend

Looking at the daily chart for XRP, we can see that the token has temporarily found support at $1.95 and has already bounced strongly off this level. This favors a bullish outlook but this double bottom has not yet been confirmed.

XRP/USD Daily Chart (Kraken) – Source: TradingView

For XRP to fully invalidate its bearish structure, it needs to climb above $2.2 first. This would confirm a trend reversal and could result in significant short-term gains for the token.

The Relative Strength Index (RSI) is also not yet confirming a bullish move, as it has been fluctuating over and under the 14-day moving average for days. Moreover, this momentum indicator is still standing below the mid-line.

If we get this bullish breakout, a W-shaped price action would form. The price could first target the 200-day exponential moving average (EMA) at $2.5, meaning a 20% upside potential and then set its eyes on the $3 level in the near term.