XRP Price Today: XRP Holds Strong Support at $2.14, Rebounds Amid $164M ETF Inflows with Wyckoff Breakout in Play
XRP rebounded from key support near $1.95, supported by $164M in ETF inflows and showing signs of a potential Wyckoff reaccumulation pattern.Summary
XRP's price rebounded from lows around $1.95, bouncing off the lower boundary of a descending channel, with analysts suggesting a potential test of the midpoint near $2.60. This technical strength is bolstered by recent institutional interest, evidenced by $164 million in inflows to XRP-related ETFs over the past week.
On a shorter timeframe, XRP is holding above crucial support at $2.14 within an ascending channel, with near-term targets noted around $2.21 to $2.35. Furthermore, technical analysis suggests XRP might be in a Wyckoff reaccumulation phase, a pattern that often precedes a bullish continuation after a period of sideways movement.
Overall, the combination of technical support levels, positive ETF inflow data, and potential Wyckoff patterns suggests a cautiously positive short-term outlook for XRP, although market participants are advised to monitor liquidity and volatility.
(Source：Brave New Coin)