CME Group is formally cementing its status as the main institutional hub for crypto assets, significantly expanding its product lineup beyond the “big three” — Bitcoin, Ethereum and XRP.
XRP's recent price struggles is starting to look less like routine underperformance and more like capitulation as long-term holders who bought above $2 over the past year are now realizing millions in losses.
XRP is struggling below $1.35. Selling pressure is present.
The newly released market report from CoinShares has proven that institutional investors favored XRP as an asset class in the past week. In line with the renewed positive sentiment on the market, crypto fund flows topped $224 million.
XRP (CRYPTO: XRP) has surged about 163% since the November 2022 FTX collapse, but this headline growth masks a much weaker reality for most investors. XRP's Wallet Holders Despite the price increase, data from Santiment shows that active XRP wallets are sitting on average losses of around 41%, meaning a large share of holders bought at higher prices and are still underwater.
Bitcoin usually drives investment action around crypto ETFs, but last week, XRP led as overall crypto fund flows flipped positive.
With one of its worst performance periods since FTX's demise in late 2022, XRP is currently under a lot of strain. The asset has been continuously declining, failing to support any significant attempts at recovery, and it is still clearly in a downward trend over all significant time frames.
The XRP Ledger (XRPL), which uses XRP as the native token, received a major institutional-grade on-ramping system on April 7.
As Ripple, the San Francisco-based blockchain firm, continues to push for crypto adoption across the global space, it has shifted its attention to the African region.
A crypto commentator has put forward a bold prediction for XRP, arguing that a return to its 2017-style growth could send the asset into four-digit territory. Taking to the social media platform X, The Real Remi Relief pointed to the magnitude of XRP's previous cycle and laid out how a similar percentage move from the current price range would place the cryptocurrency trading above $1,000.
XRP trades at $1.30 amid bearish momentum. Technical analysis suggests potential recovery to $1.40-$1.50 range if bulls defend $1.26 support level.
Latest Santiment data reveals that XRP active wallets are down an average of 41%, pushing the MVRV ratio to its lowest point since the November 2022 FTX crash. Historically, this undervaluation zone has preceded significant rallies.