XRP Price Sees Uptick Towards $1.10 Amid ETF Inflows

XRP Price Rebounds Towards $1.10 Amid ETF Inflows

The price of XRP made a notable rebound towards $1.10 on July 30, as renewed inflows into exchange-traded funds (ETFs) and a significant move by Aviva Investors into the XRP Ledger bolstered demand. However, it’s important to note that selling pressure remains active around the current price levels.

Market Performance and Price Movement

At press time, XRP was trading at $1.0917, reflecting a daily increase of 1.68%. The token had previously fluctuated within a range of $1.0685 to $1.0950. This recovery comes after a downturn that saw XRP dip close to $1.045 earlier in the week. Despite the positive movement, no confirmation of a broader bullish trend has been established, as XRP’s price continues to linger just below the daily Bollinger Bands’ 20-day middle line, currently situated at $1.0975.

ETF Inflows and Institutional Interest

The revival in ETF inflows, amounting to $584,000 on July 29, marked a turnaround after four days of negative flow. This amount is part of a weekly trend that has seen XRP ETFs remain net positive over the past three weeks. However, when considered against reported spot trading volumes of $1.26 billion, the inflows appear modest.

Aviva Investors, managing about $350 billion in assets, has further contributed to institutional interest by planning to offer a tokenized share class of its USD Liquidity Fund on the XRP Ledger, thereby expanding its traditional finance use case beyond just payments.

Technical Analysis and Future Outlook

The four-hour price chart identifies a key resistance level for XRP set at the 0.618 Fibonacci retracement at $1.0908, stemming from price movements between $1.1644 and $1.0453. Although XRP briefly surpassed this level, it failed to achieve a convincing four-hour close above it, with the Supertrend indicator remaining bearish.

Notably, the Chaikin Money Flow indicator is currently at -0.15, indicating outflows despite the price increase, suggesting weak underlying demand. For a solid breakout, this indicator needs to rise above zero.

Regarding potential direction, the liquidation heatmap analysis suggests a concentration of leveraged positions near the $1.098 to $1.10 range, which could add velocity to market movements. A breakthrough above $1.10 might trigger further short liquidations, pushing XRP towards higher resistance levels.

Conversely, failure to sustain above this threshold may lead XRP back toward lower support levels around $1.065. The immediate market direction hinges on whether ETF-driven demand can counteract the bearish indicators noted earlier.