XRP Hovers Near Critical Support as Institutional Interest Grows
XRP is currently trading near a crucial support level, with signs of institutional interest suggesting a potential market reversal. The token is priced at $2.17, down 1.2% in the last 24 hours and 6% over the past week. Trading volume has decreased by nearly 37% to $1.51 billion, indicating reduced market activity.
derivatives markets also show a decline. XRP futures volume fell 37.85% to $2.97 billion, and open interest dropped 3.39% to $3.90 billion. Despite this, institutional players are showing more interest in XRP.
Coinbase Institutional announced 24/7 trading access for XRP and Solana futures starting June 13. This follows their April launch of CFTC-regulated XRP futures. Ault Capital group also plans to roll out an institutional XRP lending platform in Q3.
Technically, XRP is near the lower Bollinger Band at $2.12, with the midline at $2.34 acting as resistance. The relative strength index is nearing oversold territory but hasn’t indicated a reversal yet. immediate support is at $2.12, with stronger support near $1.91–$1.95. Resistance levels are at $2.34 and $2.56.
While short-term sentiment is cautious, growing institutional interest could signal a positive shift for XRP.
