XRP holds $1.41 support as bulls target $1.54 breakout ahead

Ripple (XRP) has maintained the $1.41 support as the broader cryptocurrency market retraced over the last 24 hours. 

The remittance token was rejected at its weekly high of $1.46 on Wednesday, but could try again as buyers look to step in.

Growing demand backs XRP’s bullish structure

XRP is the second-best performer among the top 10 cryptocurrencies by market cap despite being up by less than 1% in the last 24 hours.

The positive performance has allowed XRP to maintain the $1.41 support level in the near term and is currently trading at $1.43.

XRP’s performance over the past few days is backed by growing retail and institutional demand.

According to CoinGlass, spot XRP ETFs recorded an inflow of $3.88 million on Thursday, extending their inflow streak following last week’s $55 million gain. 

Meanwhile, cumulative inflows average $1.28 billion and total net assets $1.09 billion.

Steady institutional demand is required to help shape sentiment and sustain XRP’s recovery.

The derivatives market also shows that retail traders are increasing their participation in the market.

XRP’s Fear & Greed Index now reads 46, up from the 32 recorded at the start of the week.

Higher sentiment readings suggest an increasing appetite for crypto assets.

XRP’s futures Open Interest (OI) steadied at $2.54 billion on Friday. CoinGlass data shows that OI peaked at $10.94 billion in July, coinciding with XRP hitting a new record high of $3.66. 

Technical outlook: XRP keeps its sights on the 100-day EMA

XRP’s price has been ranging between $1.40 and $1.45 over the past few days despite improved market sentiment.

It is currently trading above the 50-day Exponential Moving Average (EMA) at $1.41.

However, the 100-day EMA at $1.54 and the 200-day EMA at $1.78 are reinforcing a broader bearish structure.

Despite the recent positive performance, a long-standing downward resistance trendline remains unchallenged.

Momentum readings send mixed signals, as the Moving Average Convergence Divergence (MACD) histogram is slightly positive on the daily chart.

Furthermore, the Relative Strength Index (RSI) is around 51, showcasing a neutral tone. 

If the market recovery continues, initial resistance would be met just above the daily open price of $1.43.

A sustained close above this barrier would be needed to ease immediate downside pressure. 

An extended rally would bring the 100-day EMA at $1.54 into focus, ahead of the descending trendline break level near $1.67.

As usual, the 200-day EMA at $1.78 continues to cap the broader recovery outlook.

However, if the bears regain control, $1.40 could serve as a pivotal demand zone. The weekly open at $1.39 reinforces the above support.

A daily candle close below this level could see XRP dip towards lower levels, consistent with the overall bearish structure.

The general market structure has tilted bullish in the last few days, with further gains expected in the near to medium term.