XRP Hovers at Crucial level Amid Quiet Institutional Support
XRP is currently trading near a critical support level, with mixed signals from the market. As of now, it’s valued at $2.17, showing a slight dip of 1.2% over the past 24 hours and a 6% decrease weekly. The token is stuck in a narrow trading range between $2.11 and $2.35, suggesting market uncertainty.
The trading volume reflects this caution. With a 24-hour volume of $1.51 billion, there’s been a 37% drop from the previous day. Derivatives markets also show a decline, according to Coinglass data.
Despite short-term pessimism, institutions are increasingly interested in XRP. Coinbase Institutional plans to offer 24/7 trading access for XRP futures starting June 13. This follows their April launch of CFTC-regulated XRP futures.
- On May 29, Coinbase Institutional announced 24/7 trading for XRP futures.
- Ault Capital Group plans a Q3 rollout of an XRP lending platform for public companies.
Technically,XRP is trading just above the lower Bollinger Band near $2.12. The RSI is nearing an oversold territory.Key levels to watch are immediate support at $2.12 and resistance at $2.34.
while XRP faces near-term challenges, institutional support coudl be a game-changer. Stay tuned for further developments in this space.
