XRP Price Stuck at $1.33 as Institutional Demand Declines

XRP's price has been relatively stable at $1.33 in recent days, following a brief spike to $1.35 on March 28. However, institutional demand on Coinbase has been declining since March 23, according to data from CryptoQuant.

An analyst identified a repeating pattern on the XRP 5-day chart that suggests mid-April could be the next significant inflection point for the cryptocurrency's price. The pattern requires three conditions to align: the 21 EMA crossing above the 200 EMA, a correction of approximately 14.6%, and the formation of a bottom within 20 days.

While the pattern is not a guarantee of future price movement, it could indicate that XRP's current price is close to a bottom. Institutional demand on Coinbase has been declining since March 23, which could further support this theory. If the price does reach a bottom in mid-April, it could potentially lead to an expansion in price.