XRP price has gone nowhere in the past few days despite its key metrics, including its real-world asset tokenization and exchange-traded fund inflows continuing their uptrend.
Ripple (XRP) token was trading at $1.4215 on Sunday, down by 15% from its highest level this month.
The ongoing XRP price consolidation is mostly because of the broader crypto market action, with Bitcoin and most altcoins being in a tight range. Bitcoin has barely moved in the past few days and has remained at around $68,000 in the past few weeks. Ethereum price has remained below $2,000.
XRP network is doing well despite the ongoing crypto winter. For example, the developers recently launched the Permissioned DEX platform, which allows companies to participate in decentralized finance in a legally compliant manner. This launch happened after the recent launch of domains in the XRP Ledger network.
XRP price has also wavered despite the ongoing growth of its real-world asset tokenization ecosystem. The network’s total asset in the RWA industry jumped by 23% in the last 30 days to over $2 billion, higher than Solana’s $1.7 billion. It is also much higher than other networks like Polygon and Stellar.
Meanwhile, data shows that the spot XRP ETFs have continued gaining assets in the past few months. These funds have added over $48.5 million in assets this month, higher than the $15 million they added in January. In contrast, Ethereum and Bitcoin ETFs have continued to shed assets this month.
The daily timeframe chart shows that the XRP price has slumped in the past few months and is trading at $1.4230, much lower than the year-to-date high of $2.4180.
It has remained below the Major S&R pivot point of the Murrey Math Lines tool at $1.5625. Also, it has slumped below all moving averages and the Supertrend indicator.
The token also formed a gravestone doji candlestick on February 15. This doji is a common bearish reversal sign in technical analysis.
Therefore, the most likely forecast is bearish, with the next key target being the year-to-date low of $1.1200, its lowest level this year.
