 ▲ Bitcoin (BTC), XRP (XRP) / ChatGPT-generated image © |
Breaking through extreme market fear, XRP (Ripple), which has been moving in tandem with the rebound of market leader Bitcoin (BTC), is raising expectations for a further rally on the back of an expanding decentralized finance (DeFi) ecosystem and growing institutional capital inflows.
According to CoinMarketCap on February 28 (local time), XRP traded at $1.38, up 2.23% over the past 24 hours, showing a clear recovery trend. This closely mirrored Bitcoin’s 2.42% gain and the overall cryptocurrency market capitalization’s 2.01% increase during the same period, suggesting the move was driven more by a revival in macro risk appetite than by XRP-specific catalysts.
Although there was no immediate catalyst to spark a sharp short-term surge, solid ecosystem expansion and institutional accumulation provided strong downside support. On February 27 alone, more than 3 million FXRP were minted and deposited on the Flare network, significantly boosting participation in decentralized finance. In addition, spot XRP exchange-traded funds (ETFs) recorded net inflows of $1.22 million, demonstrating continued buying interest from institutional investors even amid a bearish market.
From a technical perspective, XRP is currently trading steadily within a key support range between $1.32 and $1.48. The 14-day Relative Strength Index (RSI) stands at 63.17, indicating there is still ample room for further upside before entering overbought territory.
The short-term direction hinges on defending the current support level and firmly holding above the 50% Fibonacci retracement level at $1.33. If this level serves as support and XRP breaks through resistance between $1.48 and $1.50, additional gains could follow. However, if the $1.27 support level collapses, bearish momentum could reignite, with the risk of a pullback toward $1.11.
Ultimately, XRP’s latest rise appears largely as a beta-driven rebound dependent on Bitcoin’s market dominance. For XRP to move beyond mere correlation and enter an independent bull market, it will need to prove its standalone fundamentals by breaking through upper resistance levels with substantial trading volume.
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.