Will XRP Price Break $3 As Institutional Investors Maintain Inflow Ahead of Litecoin?

Key Insights:

• XRP price is in the spotlight as institutions are backing the coin, as CoinShares shows.
• XRP price is exhibiting intense volatility, masking its possible breakout.
• With a positive adoption trend, the coin will likely retain its breakout trend.

CoinShares published its “Digital Asset Fund Flows Weekly Report”, showing how the Ripple-associated XRP has outperformed core rivals, especially Litecoin (LTC), in a key transaction metric.

This result suggests significant interaction with the coin, underscoring its growing use case in facilitating cross-border payments, compared to its counterparts.

XRP Flow Outlook Amidst Settlement With US SEC

According to the “Flow by Asset” table shared by CoinShares, XRP’s weekly inflow was $1.4 Million. On the other hand, Litecoin recorded only about $200,000 inflows.

Other top altcoins like Solana (SOL) recorded massive outflows running to $3.4 Million this past week.

The disparity extends beyond weekly performance to even the percentage price growth of each of the aforementioned altcoins.

Within the last 24 hours, SOL price has seen a 0.7% dip and is currently trading at $173.34. It still ranks as the sixth-largest cryptocurrency by market capitalization.

LTC is, however, on the green side of the chart, but with a much lesser gain.

According to market data, LTC was trading at $102.49, corresponding to a 0.26% intraday surge. Meanwhile, XRP has seen up to a 1.43% increase within the same time frame, maintaining the positive outlook it picked up from the past week.

With its price pegged at $2.52 (press time), XRP’s market capitalization hovered at around $150 billion at its peak during the trading day.

Notably, this market outlook saw it flip Tether (USDT) as the third-largest digital currency. While the rankings have changed, it shows the potential of XRP in the long term.

XRP Price Breakout Possibility

Beyond the surface rally in the price of XRP, the historical trend underscores the likelihood of the coin’s breakout.

Per CoinGlass data, XRP liquidations in the digital currency ecosystem is growing at the moment.

However, the overall historical growth trend shows the coin is in a good position for a breakout. On average, XRP records over 26.2% growth for the month.

Thus far this May, XRP price has jumped 13.4%, taking advantage of volatility in the broader market.

Per the  XRP/USDT daily chart shown above, the Relative Strength Index (RSI) shows a bullish momentum remains underway.

While the coin is trading above the 50-day Simple Moving Average, the confidence in a breakout remain high.

Whether or not XRP returns to the $3 price mark soon remain to be seen, however, the coin has positive fundamental trends to back this growth push.

XRP Price Remains In the News

In other highly publicized XRP news, a Florida-based pharmaceutical company, Wellgistics Health (WGRX), recently announced its plan to use XRP as a key part of its treasury and payment system.

The publicly traded distributor is working on making the coin a key part of its business to reshape its settlement pipeline with retail vendors.

Beyond this, institutional investors are backing the coin, judging by the new leash in the Ripple SEC lawsuit.

Last week, the United States Securities and Exchange Commission (SEC) wrote to Judge Analisa Torres, requesting that she set aside her judgment against the crypto firm.

She was asked to pronounce the release of the $125 million penalty against Ripple from escrow.

The Commission wants only $50 million to satisfy the monetary judgment, while Ripple takes the remaining sum.

Notably, the Commission also asked that the Court dissolve the injunction it awarded against the blockchain payment firm in the final judgment in the XRP lawsuit.

This update is bullish for XRP, removing any residual growth blockers.

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