Ripple (CRYPTO: XRP) has gone nowhere this month, continuing a consolidation that began in February. It has remained range-bound between support and resistance levels of $1.2753 and $1.6050 over this period, despite spot XRP ETFs being on track for their best month of the year.

Spot XRP ETFs Are On Track For The Best Month This Year

There are signs that American investors are accumulating the XRP tokens as it continues to consolidate. Data compiled by SoSoValue shows that the spot XRP ETFs have added over $94 million this month.

The inflows are much higher than the $81 million they added in April. They are also the highest since December, when they added $499 million in assets. 

Bitwise’s XRP ETF has maintained the largest market share with over $362 million in assets, followed by Canary’s XRPC with $302 million and Franklin Templeton’s XRPZ with $285 million. In total, spot XRP ETFs hold $1.18 billion in assets, equivalent to 1.33% of XRP’s total market capitalization.

XRP ETFs have done better than spot Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL). Spot Ethereum ETFs have had over $83 million in outflows this month, while Solana has added $92 million. 

The ongoing XRP ETF inflows is happening at a time when the coin's price has remained stagnant in the past four months. In most cases, this is referred to as accumulation, which happens before an asset stages a comeback. 

XRP Futures Open Interest And Volume Have Jumped

Another sign of higher demand is its volume in the spot and futures markets. CoinGlass data shows that the futures volume stood at over $1.8 billion in the last 24 hours. Its spot volume rose to $252 million, while the futures open interest jumped to over $2.5 billion. 

Fundamentally, there are signs that the XRP Ledger is doing well, especially in the real-world asset tokenization industry. Data shows that the distributed asset value in the network jumped by 7.7% in the last 30 days to $368 million. 

The represented asset value soared by 58% to $3.47 billion. Its 30-day stablecoin transfer volume jumped to $2.52 billion, up by 45% in the last 30 days. It may benefit when the CLARITY Act becomes law now that it has passed the Senate Banking Committee.

XRP Price Technicals Suggest A Rebound Is Possible

Technicals suggest that the XRP price may be on the cusp of a strong bullish breakout in the near term. It has formed a double-bottom pattern at $1.2753 and a neckline at $1.6050. A double-bottom is a common bullish reversal sign in technical analysis.

The coin is also showing signs of being in the accumulation phase of the Wyckoff Theory. This means that it may move to the markup phase in the next few weeks or months. This view will be confirmed if it moves above the key resistance at $1.6050.

Image: Shutterstock