XRP Spot ETF sees money pouring in for 17 consecutive days, when will it break through the $1.45 resistance level?

▲ XRP ETF/ChatGPT generated image ©

As massive funds from institutional investors pour into spot funds and fierce accumulation by large whales continues, XRP (Ripple) is condensing enormous upward energy, poised to break through the key resistance level of $1.45.

According to the investment media outlet TradingNews on April 27 (local time), while the virtual asset market is under pressure amidst geopolitical tensions in the Middle East, Volatility Shares' XRP spot ETF, XRPI, closed down at $7.82, and Rex-Osprey's XRPR closed down at $11.38, respectively. The underlying asset, XRP, is also stuck at the $1.41 level, continuing a dull sideways trend, hindered by a massive 60% break-even resistance piled up near $1.45.

Despite the price weakness, institutional buying is at a record level. The XRP spot ETF ecosystem attracted $81.63 million in April alone, setting an unprecedented record of 17 consecutive days of net inflows, and its total assets under management (AUM) surpassed $1.29 billion. Notably, Bitwise absorbed $39.59 million in April alone, surpassing Canary Capital, which had an early market lead, to become the top in AUM, proving that market leadership has fully shifted from individuals to institutions.

On-chain data is emitting even stronger signals of an impending surge. Large whales have been quietly accumulating an average of 11 million XRP daily over the past month, and exchange reserves have plummeted to a 7-year low, indicating a rapid drying up of circulating supply. Furthermore, the MACD (Moving Average Convergence Divergence), a technical indicator, has formed a bullish crossover for the first time since the surge in January, signaling that a significant rally is imminent.

Market attention is focused on major positive catalysts that could trigger a price explosion. The industry is strongly urging the swift Senate committee processing of the U.S. cryptocurrency market structure bill, the Clarity Act, which would break down barriers to institutional fund inflows. Additionally, the upcoming introduction of Coinbase's institutional futures settlement tool on May 1 coincides with Ripple's regular release of 1 billion locked-up XRP, and there is high anticipation that this will act as a positive catalyst to lower institutional entry barriers rather than creating a supply shock.

Experts are optimistically evaluating the current situation, where massive institutional funds are vacuuming up millions of dollars worth of XRP from the market daily. The media emphasized that if the $1.45 resistance level is overcome and regulatory uncertainties are resolved, a long-term bull market could unfold, with XRPI potentially soaring to $11.00-$15.00. Therefore, instead of being swayed by short-term price fluctuations, patient investment, participating in the institutional accumulation trend, is required.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*