XRP hovers around support as outflows mount for second week
The post XRP hovers around support as outflows mount for second week appeared on BitcoinEthereumNews.com.
XRP is hovering near a key support level as data shows institutional sentiment is beginning to cool off. According to a June 2 weekly report from CoinShares, XRP-focused investment products recorded their second consecutive week of outflows after losing a total of $28.2 million. This contrasts sharply with the larger digital asset market, which saw $286 million in inflows last week and a cumulative $10.9 billion over a seven-week run. Despite the market-wide inflows, overall assets under management fell to $177 billion from an all-time high of $187 billion. This decline occurred as prices cooled in reaction to growing uncertainty about U.S. tariffs, which caused major asset volatility. The ongoing withdrawals from XRP (XRP) investment products point to investor hesitancy, as reflected by XRP’s recent range-bound price. At press time, XRP is trading at $2.20, up 1.6% in the past 24 hours. It has traded between $2.11 and $2.35 over the last week. Spot trading activity appears to be climbing. In the past 24 hours, XRP’s trading volume rose over 24% to nearly $2 billion, pointing to renewed interest despite price consolidation. On the derivatives front, open interest is up 2% to $3.98 billion, and derivatives volume has jumped 18% to $3.45 billion, as per Coinglass data. This indicates that more traders are positioning for near-term volatility. Looking at the technical picture, XRP remains under pressure. The asset is trading below its 10, 20, 50, and 100-day moving averages, all of which are flashing sell signals, suggesting that it is in a short- to medium-term downtrend. The 200-day exponential moving average is the only discernible bullish signal, indicating that there might be some longer-term support left. XRP price analysis. Credit: crypto.news While the relative strength index is at 43.5, just short of oversold territory but still neutral, the moving average…
Filed under: News - @ June 3, 2025 8:29 am