XRP jumped 5% in 24 hours to a weekly high even as spot XRP funds drew no reportable inflows. Analyst Dark Defender points to targets of $1.44-$1.56 if support holds.
Spot XRP ETFs attracted zero net inflows in the past couple of days, and they were in the red before that. The token still staged a comeback that pushed it above a key resistance area, according to CryptoPotato.
ETF outflows break a three-month streak
The funds ended a streak of roughly three months without a single week in the red during the week that ended on October 16. Net outflows that week came to $1.84 million, slightly higher than inflows.
Weakness continued afterward. Data from SoSoValue shows no reportable inflows on October 19 and 20, following $104,510 in net withdrawals on October 15 and another $2.47 million on October 16.
XRP price climbs without ETF support
Because the ETFs have not been in the green for a week, CryptoPotato concludes they are not behind the rally. XRP jumped 5% daily to $1.37, a weekly peak.
The token is also up almost 10% since the weekend, when it plunged to $1.25 and analyst Ali Martinez declared the bottom was in.
Analysts eye higher targets
Dark Defender argued that the XRP chart has turned green and that the token has just bottomed on its macro Wave 2 formation. The analyst outlined targets up to $10.
In a more modest post from yesterday, he said XRP is heading toward $1.44-$1.56 as long as it holds the $1.29 support, which it has so far. Once it reclaims the $1.56 resistance, Dark Defender predicted "double digits will be instant."
Source: CryptoPotato
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