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XRP price trades at $2.15 today, April 24, after dropping by 5% within 24 hours as traders sold after the recent rally to take profits. However, recovery remains possible after the first spot XRP ETF by Teucrium reached $40M in net assets less than one month after launching. Meanwhile, Teucrium’s CEO has endorsed XRP, saying it is the most useful crypto.
XRP Price Eyes Further Gains Amid ETF Success
According to the Teucrium website, the 2x Long Daily XRP ETF has amassed more than $40M in net assets. This is a commendable milestone considering that the product launched on April 8 and has been trading for less than three weeks.
Teucrium’s XXRP leveraged product is the first XRP ETF to launch in the US, and the amount of interest it is amassing from investors despite ongoing market anxiety is a bullish sign for the Ripple price and could aid a breakout past the key resistance hurdle of $2.20 to all-time highs.
At the same time, Teucrium’s CEO appeared in an interview with Bloomberg, stating that XRP has the most utility in the crypto industry. He opined that Ripple has amassed utility across payments, tokenization, and most recently, brokerage services after the acquisition of Hidden Road.
Besides institutions, whales are also rapidly accumulating XRP and possibly positioning themselves for further gains. Data from Santiment shows that as XRP price broke out to multi-week highs, the addresses holding between 1M and 100M Ripple purchased 260M tokens.
The high interest from whales and institutions shows a bullish outlook towards XRP value today and confidence among traders that the altcoin will extend its gains and smash the $3 price level to create a new record high in the coming months.
Ripple Teases Breakout From Channel Pattern
After forming a series of lower lows in the last three months, the XRP price is now teasing a breakout from a descending parallel channel, to form a higher low. This breakout will be confirmed if Ripple can make a decisive close above resistance at the upper trendline.
The first resistance level that XRP price needs to overcome if this breakout happens is $2.75. If it flips this level, the uptrend will continue past $3 towards the next hurdle of $3.29. Clearing this hurdle will unlock the rally to all-time highs.
However, traders should take note of the RSI movements, which currently show that the recent buying pressure that pushed Ripple to $2.30 is weakening. The RSI needs to recover and continue rising for a strong upward momentum. The uptrend will also occur if the MACD line crosses above the zero line.
This bullish XRP price forecast will be invalidated if the RSI falls back below 50, and the MACD rise turns out to be a fake breakout. An extension of the downtrend will happen if the XRP price falls below support at $2.05.
Considering the high institutional interest towards Teucrium’s XRP ETF and whale accumulation, it is likely that Ripple resumes its recent uptrend. However, traders booking profits after the recent rally might stall the uptrend.
The post XRP Price Eyes $3 as New Ripple ETF Amasses $40M in Net Assets appeared first on CoinGape.
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