- XRP faces a surprising dip below $0.600 despite Bitcoin’s rally, attributed to a diminishing interest from institutions favoring Solana.
- Ripple’s struggle to attract institutional investment is evident, with Solana outpacing XRP in inflows, raising concerns about the token’s future performance.
XRP, the Ripple native token, experienced an unexpected dip below $0.600 despite Bitcoin reaching $42,000, leaving investors puzzled. The culprit appears to be the waning institutional interest in XRP, as institutions increasingly favor Solana over the longstanding community favorite.
Ripple, once the sweetheart of the crypto community, is grappling with a crucial challenge – the lack of institutional support. While Bitcoin surges to new heights, XRP struggles to keep pace due to the increasing preference for Solana among institutions. The recent price dip to $0.600 has raised concerns among investors, signaling potential trouble ahead.
Ripple’s Uphill Battle for Institutional Attention
In the crypto space, institutions are often considered the catalysts for the next bull run. Ripple has endeared itself to the community, but its focus on winning over institutions is pivotal. The data speaks volumes, with XRP trailing behind Solana in institutional interest.
For the week ending December 1, XRP recorded a mere $0.5 million in inflows through exchange-traded investment products. In stark contrast, Solana attracted a whopping $4.3 million. When examining the yearly flows, the gap widens, with Ripple accumulating only $13 million compared to Solana’s remarkable $143 million since the start of 2023.
XRP Price: Rollercoaster Ride and Potential for Recovery
Monday witnessed a surprising turn for XRP investors as the token experienced a 6% intra-day drop, slipping below the crucial $0.600 support. However, the recovery was swift, with the price bouncing back within half an hour, resulting in minimal losses.
Despite these fluctuations, XRP is displaying signs of recovery, currently trading at $0.622. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are both signaling positive trends, indicating a potential rally beyond the $0.644 resistance level.
Ripple Swell or Ripple Suffer? The Impact of Strategic Partnerships on XRP
The immediate future holds both promise and peril for XRP. If institutional interest continues to wane, the price could face sustained declines. However, the ongoing Ripple Swell initiative might provide the much-needed boost. With partnerships like the one with Onafriq expanding remittance capabilities between Africa, Australia, and the UK, Ripple aims to reclaim its prominence in the crypto sphere. Investors keenly await Ripple’s next move, hoping for a resurgence that could propel XRP to new heights.