XRP on May 29, 2025: Bullish Outlook with Institutional Support

XRP, trading at $2.3 on May 29, 2025, rises with ETF developments and institutional demand.

On May 29, 2025, XRP is trading around $2.3, showing signs of a mildly bullish trend in the cryptocurrency market. This price growth occurs amid broader market influences from macroeconomic factors and Bitcoin volatility, yet XRP stands out due to institutional developments and technical patterns. From a technical perspective, XRP is consolidating between $2.27 and $2.65, forming a double-bottom pattern on the daily chart, signaling potential upward momentum. The Relative Strength Index (RSI) is around 62, indicating bullish momentum without entering overbought territory. Breaking the $2.65 resistance could push XRP toward $2.7 and potentially $3, though derivatives data suggests sellers remain active in this range. A major driver of XRP’s growth is the ongoing review of a proposed exchange-traded fund (ETF) by reputable financial institutions. This ETF could facilitate access for traditional investors, creating new demand. Additionally, institutional inflows into XRP have surged, with reports indicating over $200 million invested in XRP-related products in May, reflecting growing confidence in its long-term potential. Furthermore, XRP’s exchange supply has dropped to 12.4 million units, the lowest in six months, suggesting a trend toward long-term holding. This reduced supply could exert upward pressure on the price, especially if demand rises. However, macroeconomic factors, such as monetary policies and upcoming economic reports, may introduce volatility. Analysts also highlight XRP’s decreasing correlation with Bitcoin, which has fallen from 0.6 at the year’s start to 0.1 by late May. This relative independence could allow XRP to outperform during altcoin seasons. Some forecasts project prices reaching $8 to $10 by the end of 2025, particularly if ETFs are approved. Nevertheless, risks remain. Selling pressure at resistance levels and economic uncertainties could hinder rapid gains. Traders should monitor the $2.27 support and $2.65 to $2.7 resistance. Staggered buying near support levels could be a prudent strategy. In summary, XRP on May 29, 2025, is in a promising position. With institutional developments and technical patterns supporting growth, the mid-term outlook is positive, but traders should exercise caution and prioritize risk management.