XRP Flashes Bullish Momentum Amid Smart Money Accumulation; Analysts Eye $2.35 and Above

XRP has performed remarkably over the past few weeks. The cryptocurrency declined to its lowest two-month point on June 22 but subsequently sustained a recovery. This has helped it garner the attention of analysts and investors. Much of that strength may be linked to a strategic accumulation occurring among institutional participants – the so-called ‘smart money.’

The renewed institutional optimism, along with the technical setups hint at an incoming price rally. Market observers are now looking at a possible rally to the $2.35 mark, especially with the current buying patterns

Smart Money is Accumulating XRP; Per the SMI

The Smart Money Index (SMI) of XRP is signaling that large institutional investors have been accumulating the token. As per data by TradingView, the SMI has increased by 9.29% since June 22. The SMI currently sits at 3.1122 after the gradual increase.

XRP’s SMI | Source: TradingViewThis indicator, commonly employed to monitor the dynamics of institutional investors, compares the associated price changes during morning hours (when retail traders prevail) and activity observed during the afternoon (where institutional players are in control)

In the case of XRP, the increasing SMI is an indication that established market players are accumulating. This behavior is frequently a precursor of larger price actions since such organizations are known to stock up on assets in anticipation of a bullish price burst

Rumors of a spot XRP exchange-traded fund (ETF) have also fueled investor optimism. The market anticipates that top-tier financial institutions could eventually recognize this asset more in case the U.S SEC approves an XRP-based ETF. Although retail sentiment is still cautious, the SMI suggests that smart money is not fazed by short-term volatility. The misalignment in retail panic-selling and institutional buying further strengthens the case for an imminent price rally

XRP Trades Above $2.20 Amid Breakout Hopes

As of this writing, XRP is trading at $2.24 with over 1% surge on the day, per the daily chart on TradingView. This price movement also comes after a rebound off $2.20. Should the trend prevail, the token will potentially move past the immediate resistance and continue to ascend towards the anticipated $2.35 level. Additional push from bulls could push Ripple-backed XRP to $2.45

XRP Price Levels | Source: TradingViewHowever, bulls have to be on guard. In case bears take control, XRP could revert towards the $2.14 support. Additional sell-off would open the token to losses beneath the $2.0 psychological support. However, the bullish structure still holds so far and buyers are seemingly getting stronger with each pull-back.

What are Analysts Saying About XRP?

In a post on X on July 6, Crypto analyst Ali Charts believes that XRP must clear a key resistance level before surging further. Ali predicts that the token could surge to $2.60 if it manages to climb above $2.33

In tandem, another crypto analyst Henry (@LordOfAlts) has emphasized that XRP is forming a bullish chart setup. According to his analysis, he believes that “something big is brewing for $XRP.” Henry’s bullish thesis is supported by consistent rebound at the $2.0 support zone, a surge past the downtrend and subsequent retest of the breakout zone.

XRP’s Price Action | Source: X (Henry)As per Henry, any signs of major institutional backing, like a BlackRock entry into XRP, may result in a sudden jump in XRP’s value. Given the bullish signal of the technical setup and the crystal-clear accumulation by smart money, XRP’s pump to $2.35 could be on the horizon. However, investors must express caution as the market is very volatile