The post Is XRP’s $1.70 target within reach? appeared on BitcoinEthereumNews.com.
Ripple (XRP) upholds a strong bullish outlook, while consolidating near $1.50 on Tuesday. A 72% rally last week pushed the token to $1.70 before it pulled back to seek support amid possible profit-taking and an overstretched market trend. If bulls maintain momentum above $1.50 and establish a solid demand zone, the odds of an extended breakout toward $1.70 and $2.00 increase significantly. XRP ETFs and derivatives draw investor interest The bullish outlook for XRP stems from improved crypto market sentiment, supported by the United States (US) Treasury’s long-term bond buyback program and renewed momentum from the Securities and Exchange Commission (SEC) to develop clearer industry regulations. At 74, crypto market sentiment is in the Greed territory, as reflected in the Fear & Greed Index on Tuesday. This shows a marginal improvement from 73 the day before but a notable increase from 41 in the Fear territory last week. Crypto Fear & Greed Index | Source: Alternative US-listed XRP spot ETFs continue to mirror positive market sentiment, with $14 million in inflows on Monday. Although this is a markdown from last Friday’s $18 million, it extends the five-day bullish streak. Cumulative inflows stand at $1.57 billion, up from $1.55 billion over the same period. At the same time, assets under management now stand at $1.44 billion. XRP ETF flows | Source: SoSoValue Retail demand is also gradually rising, as futures Open Interest (OI) holds at 2.5 billion XRP on Tuesday, up from 2.47 billion the day before. Expanding OI reinforces the bullish outlook, as more traders take on risk. However, higher OI calls for caution and tempered expectations, as a sudden correction could follow if resistance at $1.50 holds. XRP Futures OI | Source: CoinGlass Technical analysis: XRP upholds constructive momentum XRP holds well above the key Exponential Moving Averages (EMAs),…
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