![XRP Set For Significant Surge As Monthly Breakout Looms, Predict Analysts](https://coincult.com/wp-content/uploads/2024/05/images-2024-05-11T040135.870.jpg)
Ripples native token XRP is likely to see a significant upswing in price this month, suggesting an imminent breakout from its current trading range. In a recent tweet, Dark Defender pointed to XRP’s monthly chart, indicating that the cryptocurrency is poised for a significant move, potentially breaking through key resistance levels.
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XRP has been consolidating within a specific range: $0.49, $0.58, and $0.67. However, the analyst “Dark Defender” anticipates a shift in April. With high expectations, the analyst believes that XRP could soon surpass the resistance level, potentially reaching $1 in the near future.
Furthermore, the tweet suggests that if XRP breaks out as anticipated, it could lead to even more significant gains. The analyst has set targets of $1.88 and $5.85. This bullish outlook has sparked excitement among XRP investors, who eagerly await potential gains in the coming weeks.
On the other hand, Egrag Crypto, an eminent crypto expert, unveils XRP’s Average Sentiment Oscillator (ASO) Update with astonishing patterns identified by oscillators. Despite a potential bearish cross amid a downward trend, the formation hints at a new pattern, suggesting a potential utility surge.
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XRP Struggles with Institutional Interest
The XRP token showed sluggish recovery, partially stemming from institutional investors’ decreasing interest. These large wallet owners typically influence an asset’s price, but this dynamic does not apply to Ripple’s token.
According to CoinShares’ digital asset fund flows report for the week ending April 5th, institutions invested a meager $0.1 million in XRP. In contrast, Litecoin, Polkadot, and even Binance’s BNB coin attracted $4.4 million, $0.6 million, and $0.6 million, respectively, from institutions during the same period.
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The token’s institutional support appears diminished. Furthermore, retail investors appear disinclined towards the digital asset presently. This is demonstrated in the network growth’s decline.
This metric evaluates if the project’s market traction is waning or increasing by measuring new network address formation rates. At present, Ripple’s network expansion is at a multi-month lowest point, signaling a bearish price momentum.