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$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.
- $XRP price remains in a narrow range this month.
- The total value locked in its RWA network has jumped by over 20% in the last 30 days.
- It jumped to $2 billion and crossed Solana’s $1.7 billion.
Ripple ($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 pricehas 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.
$XRP price technical analysis
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.
coingape.com
coindesk.com
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