XRP (CRYPTO: XRP) has pulled back from this week’s gains, but analysts believe the recovery structure stays “intact” as long as the coin defends the key support at $1.20.
The Headwinds And Tailwinds
In a note shared with Benzinga, Shawn Young, Chief Analyst at MEXC Research, stated that XRP’s biggest headwind is “weak follow-through” across the broader cryptocurrency market, though he noted that inflows into spot exchange-traded funds are providing support.
The ETFs, including Bitwise XRP ETF (NYSE:XRP) and Canary XRP ETF (NASDAQ:XRPC), have drawn $1.44 billion in cumulative net inflows since launch and seven straight weeks of positive flows, according to SoSo Value.
The analyst viewed progress on the Clarity Act as a key catalyst that could improve “institutional confidence” in XRP.
Key Levels To Watch Out For
XRP surged to $1.28 earlier this week on reports of a U.S.–Iran peace deal, but it pulled back afterward and …
