XRP price is bullish along with other major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). As expected, Fed Chairman Jerome Powell’s speech at the Jackson Hole Symposium in Wyoming boosted key global markets, including cryptocurrencies and stocks. Ripple price is up 2% in the last 24 hours, bringing the total increase in the last seven days to almost 9%.
XRP Price to Rise Above $5: Shrinking Supply on Exchanges, Bullish MVRV Ratio and Futures Market
The XRP price outlook has turned from weak to strongly bullish within 24 hours. The fundamentals, starting with the balance on the exchanges, are positive per Santiment Data. The chart below shows that only 2.65 million XRP tokens are currently held in exchange wallets, indicating a decrease in potential selling pressure.
On-chain data based on Market Value Realized Value (MVRV) metrics paint a more optimistic picture for Ripple priceNote that a rise in the 30-day MVRV ratio from -2.87% to +5.33% for XRP suggests that the average holder is making a profit. This signifies bullish sentiment and a potential upward move in the price.
The cross-border money transfer token is also experiencing significant spikes in futures market metrics, indicating growing interest and increasing price volatility.
Related to Coin jar The increase in volume to $1.32 billion and open interest to $722,000, according to the data, suggests that more traders are actively participating in the market and contributing to the increasing buying pressure.
Additionally, a significant increase in options volume to $2,040 and options open interest to $247,000 suggests that traders are speculating on future price movements.
Ripple Price Prediction: Can XRP Rise Above $5?
The XRP price is gaining momentum above $0.61 while the entire Cryptocurrency market turns bullishAlthough the $5 target for the token seems ambitious, XRP could gain momentum despite the excitement surrounding the approval of a spot ETF.
After the court settled the lawsuit against the Securities and Exchange Commission (SEC) earlier this month and restored XRP’s alleged securities status, the chances of a spot ETF approval in the US increased significantly.
Such a development will increase XRP’s status as a legitimate global asset, just like Bitcoin and Ethereum.Bitcoin reached a new all-time high in the first quarter, helped by the rapid uptake of ETFs. If Ripple ETFs receive the same support, XRP will gain momentum, reach the all-time high and extend the rally to $5 in the long term.
Currently, the support at $0.6 is crucial for the uptrend. At the same time, a break of the resistance at $0.62 will increase the upward pressure and even trigger FOMO. XRP is holding above the 20-day, 50-day, and 200-day EMAs, thus supporting the bullish thesis.
Despite the bullish outlook, traders should be cautious when trading XRP in the short term. The resistance at $0.62 will either strengthen the uptrend to $0.64 and $0.7 or pause the rally. The support at $0.6 should be watched because if it is broken, Ripple could fall and retest the support areas at $0.58 and $0.55.
Frequently Asked Questions (FAQs)
The timeline for when the XRP price will reach $5 is unclear, but as the sentiment in the crypto market improves, the increases could be significant.
Yes, as long as you are aware of the risks involved in buying and owning cryptocurrencies, which tend to be highly volatile. The XRP price is currently showing potentially bullish signals.
Traders should pay attention to supports at $0.6 and $0.58 and resistances at $0.64 and $0.7.
Johannes Isige
John is a seasoned crypto expert known for his in-depth analysis and accurate price predictions in the digital asset market. As the price prediction editor for market content at CoinGape Media, he is dedicated to providing valuable insights into price trends and market forecasts. With his extensive experience in the crypto space, John has honed his skills in understanding on-chain data analysis, non-fungible tokens (NFTs), decentralized finance (DeFi), centralized finance (CeFi), and the dynamic metaverse landscape. Through his persistent reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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