XRP price remained on edge today, September 10, as the recent crypto market rally stalled. Ripple token dropped to $1.3905, down modestly from this month’s high of $1.6975. This retreat happened even as the XRP ETF inflows jumped and the Ripple USD (RLUSD) growth continued.
XRP ETF Inflows are Soaring
American investors have continued accumulating XRP ETFs this year, a sign that they expect it to do well. These ETFs experienced over $12.9 million inflows on Wednesday, with most of them flowing to Bitwise’s XRP and Grayscale’s GXRP. These funds have had cumulative inflows of over $1.7 billion, with their net assets being at $1.5 billion.
XRP ETFs have now had $27 million inflows this month after adding $159 million in the previous month. They have also had inflows in all months but one since their inception in November last year.
Wednesday’s inflows happened on the same day that spot Bitcoin ETFs shed over $170 million in assets. It also happened as investors embraced a risk-off sentiment as the bond market crashed.
The Dow Jones and Nasdaq 100 indices dropped by over 1% as the ten-year yield jumped to the highest level in over three years.
Ripple USD growth is continuing
Fundamentally, the XRP Ledger network is doing modestly well. For example, the total value locked (TVL) in its ecosystem has jumped to $41 million from last month’s low of $29.5 million.
Similarly, the amount of stablecoins in the ecosystem has jumped to over $1.12 billion. This growth has been driven by Ripple USD (RLUSD), which now holds over $2.4 billion in assets. The remainder of these tokens are in Ethereum Chain.
The soaring amount of RLUSD in XRPL is important because of the growing usage. Artemis data shows that the number of users and the monthly volume has continued rising this year. Its 30-day transfer volume jumped by 30% to $5.45 billion, while the number of holders jumped to 80.7k.
XRP Ledger is also becoming a big chain in the real-world asset (RWA) tokenization industry. There are 377 assets on its chain with the represented asset value rising to over $4.06 billion.
XRP price technical analysis
XRP chart | Source: TradingView
The daily chart shows that the XRP price has rebounded in the past few months, moving from a low of $0.9872 in August to a high of $1.6975. This rebound happened after the coin formed a falling wedge pattern, which is made up of two descending and converging trendlines.
The token is now in the process of forming a bullish flag pattern. This pattern is made up of a vertical line and a descending channel. It has remained above the 50-day moving average and the Supertrend indicators.
Therefore, the token will likely have a strong bullish breakout potentially to the key resistance level of $1.5484. This target coincides with the highest swing on May 14 this year. It is about 15% above the current level. A drop below $1.3093 (September 2nd low) will invalidate the bullish outlook.
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