XRP (Ripple) price has surged to its highest levels in six years, reaching new milestones amid growing optimism around the coin’s ecosystem. The coin has skyrocketed approximately 450% over the past 30 days, making it one of the best-performing cryptocurrencies in the market.

The remarkable price action comes as technical indicators suggest strong bullish momentum, though some metrics hint at potential consolidation ahead.

XRP RSI Is Still Above 70

The Relative Strength Index (RSI) for XRP has maintained an overbought position above 70 since late November, reaching peaks near 90 before recently declining to 71.5. This sustained period in overbought territory aligns with Ripple significant price surge, demonstrating strong bullish momentum that has dominated the market for several weeks.

The RSI serves as a momentum indicator, measuring the speed and magnitude of price movements on a scale of 0 to 100. Readings above 70 typically indicate overbought conditions, and below 30 suggest oversold conditions.

While XRP RSI remains in overbought territory at 71.5, its gradual decline from recent highs near 90 could signal that buying pressure is starting to ease. However, this doesn’t necessarily predict an immediate reversal of the uptrend, as assets can maintain overbought conditions during strong bull runs.

The decreasing RSI might suggest a potential consolidation phase or a more sustainable pace of growth rather than a definitive end to the current uptrend.

Ripple CMF Has Been Positive For Four Days

The Chaikin Money Flow (CMF) for Ripple price has maintained a strong positive value of 0.34, continuing its upward momentum since November 29.

The CMF is a volume-weighted average of accumulation/distribution over a specified period, typically 20 days, that helps measure buying and selling pressure. Values above zero indicate net buying pressure, while negative values suggest selling pressure.

XRP elevated CMF reading of 0.34 indicates substantial buying pressure and institutional interest, supporting the current uptrend. This high positive value suggests that most trading volume occurs at prices higher than the previous period, reinforcing bullish sentiment.

While the CMF remains significantly positive, it supports the continuation of the uptrend.

XRP Price Prediction: Can It Rise To $3 In December?

XRP EMA Lines display a strong bullish structure, with faster EMAs positioned above slower ones and price trading comfortably above the shortest EMA. As the bull run continues, XRP faces a significant psychological and historical target at $3.00.

Beyond that, the all-time high of $3.18 presents the next major resistance, representing a potential 18.5% gain from the current XRP price.

However, the uptrend carries downside risks that traders should consider. Key support levels have formed at $2.29 and $1.88, marking potential pullback targets if momentum wanes.

A correction to these levels would represent a significant retracement of up to 32% for XRP price, though such pullbacks are common even within sustained bull trends.

Bitcoin has recently reached an all-time high (ATH) of $99,595, fueling optimism that the $100,000 mark is within reach. However, volatility has kept Bitcoin from breaching this psychological barrier. 

Despite this, Bitcoin ETFs have seen record inflows, suggesting that a push toward $100,000 is imminent, with institutional support playing a crucial role.

Bitcoin ETFs Are Driving the Rally

In November, Bitcoin ETFs recorded $6.1 billion in inflows, the highest monthly influx since the launch of spot Bitcoin ETFs in January. This surge indicates that investors are becoming more comfortable with the asset, preferring the security of regulated ETFs over direct Bitcoin purchases. With growing institutional interest, it’s likely that this trend will continue into December, potentially propelling Bitcoin to new heights.

The significant inflows show that many investors are flocking to Bitcoin ETFs as a safer way to gain exposure to the cryptocurrency. As more institutional money flows into the market, Bitcoin could see increased stability, boosting confidence in its long-term prospects. This positive market sentiment could set the stage for another rally as the year ends.

Analyst Rekt Capital placed the target for Bitcoin at $100,068 as the crypto king continues to show signs of impending rise. The analyst noted that BTC just completed a retest of the lower high and will likely aim for consolidation.

“[BTC] Needs to Daily Close back inside the Bull Flag to ensure that price won’t go for another retest and instead will resynchronise with Bull Flag consolidation,” Rekt Capital stated.

BTC Price Prediction: More Highs Ahead

Bitcoin is currently trading at $94,940, with support forming around this range. The critical support level for BTC is at $89,800, and a drop to this level is unlikely, given the current bullish momentum. If Bitcoin can sustain this support, it’s poised for further price increases in the coming weeks.

If the bullish momentum continues to gain strength, Bitcoin could break the $100,000 barrier, setting a new ATH. This level has long been viewed as a psychological milestone, and breaching it would mark a significant achievement in Bitcoin’s price history. The influx of ETF investments could be the catalyst needed to drive Bitcoin past this threshold.

However, if Bitcoin fails to push past $100,000 and begins to lose momentum, a decline is likely. A failure to maintain the upward trend could lead to a price pullback, bringing Bitcoin closer to the $89,800 support. This would also potentially invalidate the bullish outlook.

According to on-chain data, BlackRock’s iShares Bitcoin Trust (IBIT) now holds over 500,000 BTC. This positions BlackRock as the third-largest Bitcoin holder globally, trailing only Bitcoin’s pseudonymous creator, Satoshi Nakamoto, and crypto exchange giant Binance.

With holdings worth approximately $48 billion, BlackRock’s influence in the crypto market is expanding fast.

BlackRock’s Aggressive Bitcoin Accumulation

In just 233 trading days since the launch of IBIT, BlackRock has acquired 2.38% of all Bitcoin that will ever exist. This traction reflects its confidence in Bitcoin as a financial asset. Its series of purchases reflects this momentum, with total BlackRock Bitcoin holdings reaching 500,380 units as of Monday, December 2.

Recently, the firm made headlines with a $680 million Bitcoin buying spree amid a cumulative effort. The purchases continue to solidify its foothold in the market. BlackRock’s pivot toward Bitcoin aligns with CEO Larry Fink’s changing perspective. Once a skeptic who dismissed Bitcoin as speculative, Fink now describes it as an “independent asset” with transformative potential.  

This shift has driven BlackRock’s deepening involvement in crypto markets. The firm’s US Head of Thematics and Active ETFs, Jay Jacobs, recently said Bitcoin could become a $30 trillion market. As BeInCrypto reported, he cited more room for BTC adoption.

BlackRock’s flagship product, the iShares Bitcoin Trust (IBIT), is a central component of its Bitcoin accumulation strategy. IBIT reached $40 billion in AUM (assets under management) earlier this year, shattering speed records in the ETF industry. On its first day of options trading alone, the fund recorded sales exceeding $425 million, signaling immense interest from institutional investors.

Four weeks ago, IBIT surpassed the performance of BlacRock’s gold ETF, evidence of Bitcoin’s rising prominence in traditional finance (TradFi). According to data on SoSoValue, IBIT continues to lead the charge in the Bitcoin spot ETF market.

The financial instrument recorded inflows nearing $340 million on Monday. Its cumulative net inflow was $32.08 billion as of December 2, with Fidelity’s FBTC trailing at $11.48 billion.

BTC Institutional Adoption Stirs Decentralization Concerns

BlackRock’s Bitcoin strategy extends beyond ETFs. The firm has also increased its exposure to Bitcoin through investments in MicroStrategy, the largest corporate holder of Bitcoin. This move reflects BlackRock’s confidence in Bitcoin’s long-term value proposition and its intent to dominate the institutional Bitcoin market.

The firm’s initiatives, among those of other TradFi players, have undeniably legitimized Bitcoin as an asset class. However, not all are celebrating.

Critics within the crypto community argue that institutional dominance contradicts Bitcoin’s founding ethos of decentralization. With BlackRock amassing such significant holdings, the firm risks centralizing control in a space that was designed to empower individuals over institutions.

 “There once was a dream that was Bitcoin… this is not it,” one user on X lamented.

To some critics, the growing institutional acquisition of Bitcoin defeats the whole purpose of decentralization, with the likes of BlackRock steadily edging to become the biggest hodlers.

Nevertheless, BlackRock’s rise as a major Bitcoin holder marks a pivotal shift in the cryptocurrency playing field. On one hand, it highlights Bitcoin’s mainstream acceptance and potential as a global financial asset. On the other, it raises questions about the role of large financial institutions in a space traditionally associated with grassroots financial sovereignty.

With IBIT leading the charge and setting benchmarks, the firm is poised to remain a key player in the crypto industry. However, the debate over whether this benefits or undermines Bitcoin’s foundational principles is unlikely to subside.