XRP holds the $1.45 support level: has it bottomed out?

Ripple XRP is trading near $1.48 on Friday, down roughly 3% from its monthly peak around $1.51.

The token’s recovery remains subdued as risk-off sentiment and softening institutional demand weigh on the market. 

Similar to the broader crypto market, XRP has maintained its support level following Thursday’s selloff.

The bulls could now push the price higher in the near term, with $1.50 still the major resistance level ahead. 

XRP remains undervalued

XRP is up by 2% in the last 24 hours and is now trading at $1.47, as per data from crypto trading platforms.

The positive performance comes as the broader crypto market recovers from its recent selloff.

The XRP on-chain Z-Score metric extended its decline to 0.04 on Wednesday, remaining below the token’s realized value. 

Glassnode’s Market Value Realized Value (MVRV) Z-Score evaluates whether XRP is overvalued or undervalued relative to its “fair value.”

According to Glassnode, when XRP’s market value, calculated by multiplying the spot price by supply, is lower than the realized value, measured by cumulative capital inflows into the asset, it signals a local market bottom.

However, having a market value above the realized value often signals a local market top.

Currently, the MVRV Z-Score is holding persistently slightly above the XRP fair value since early February, suggesting possible undervaluation and a likely local bottom.

Despite that, XRP continues to underperform as it lacks a trigger reversal.

The faltering demand for spot Exchange-Traded Funds (ETFs) means that institutional demand remains poor. 

Institutional activity slightly increased on Thursday, with US-listed ETFs recording an inflow of $18.8 million.

The cumulative inflows now stand at $1.38 billion, while net assets stabilized slightly at $1.16 billion.

Ripple technical analysis: XRP eyes the $1.51 resistance level

The XRP/USD 4-hour chart has been consolidating in recent weeks as XRP has failed to surpass the $1.51 resistance level.

It is currently trading at $1.47, above the 50-day EMA at $1.42 and the 100-day EMA at $1.49, leaving the near-term bias bullish.

The 200-day EMA, higher up at $1.70, continues to frame the broader bearish structure.

The Relative Strength Index (RSI) is around 54 on the 4-hour chart.

A slightly positive Moving Average Convergence Divergence (MACD) histogram hints at modest, but not decisive, bullish momentum.

If the market continues its recovery, the bulls would encounter immediate resistance at the 100-day EMA around $1.49 and the downward resistance trendline near $1.50.

A daily candle close above these levels would expose the 200-day EMA at $1.70, which serves as a more distant cap. 

On the flipside, the sellers would stumble on initial support at the 50-day EMA around $1.42, reinforced by the latest Parabolic SAR print at $1.40. 

A sustained break below these levels would expose XRP to deeper corrective pressure despite the current neutral tone.