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The cryptocurrency market exploded under the influence of the Jackson Hole Conference, and the price of XRP rose to above $0.61. Traders should pay attention to whether it can break through the $0.6 resistance level. Exchange balance decreases: The supply of XRP exchanges has decreased, and the potential selling pressure has decreased. MVRV ratio turns positive: XRP's MVRV 30-day ratio has increased from -2.87% to +5.33%, indicating a rise in prices. Futures market is bullish: Futures market indicators show that XRP prices may continue to rise.
AI Summary
Generated by Toutiao Intelligent Technology
XRP price faces strong fundamental support due to decreasing exchange balances and positive MVRV ratio, thus giving a bullish signal.
The cryptocurrency market broke out after the Jackson Hole meeting of the United States central bank, causing the price of XRP to rise above $0.61.
The decreasing exchange supply and the positive MVRV ratio suggest that the uptrend will continue.
Before adding to XRP long positions, traders should first look for a breakout above the $0.6 resistance level.
XRP price is rising, along with other major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium in Wyoming boosted global markets, including cryptocurrencies and stocks. Ripple price rose 2% in the past 24 hours, with a total seven-day gain of nearly 9%.
XRP Price Has Risen Above $5: Exchange Supply Declines, MVRV Ratio and Futures Market Bullish
Over the past 24 hours, XRP's price outlook has shifted from difficult to very bullish. According to data from Santiment, its fundamentals (starting with exchange balances) are positive. As can be seen in the chart below, there are currently only 2.65 million XRP tokens held in exchange wallets, which indicates that potential selling pressure is decreasing.
On-chain data based on the Market Value to Realized Value (MVRV) metric shows that Ripple’s price could be in for a better time. It is important to note that XRP’s MVRV 30-day ratio has increased from -2.87% to +5.33%, meaning that regular holders are making more profit. This suggests that people are optimistic about the price increase, which could lead to potential price increases.
Cross-border remittance tokens have also seen a sharp increase in futures market indicators, indicating growing interest and more volatile price movements.
According to Coinglass, trading volume increased to $1.32 billion and open interest increased to $722,000, meaning more traders were actively participating in the market, leading to increased buying pressure.
Additionally, options volume rose noticeably to $20,400, and options open interest also increased noticeably to $247,000, suggesting that traders are speculating on future price action.
Ripple Price Prediction: Can XRP Surge Above $5?
The entire digital currency market is bullish, and the XRP price is currently rising steadily above $0.61. While reaching a target of $5 seems a bit ambitious for this coin, XRP may gain more momentum on the back of potential spot ETF approvals.
Earlier this month, the court ended its lawsuit against the U.S. Securities and Exchange Commission (SEC), lifting XRP's so-called security status. As a result, the possibility of XRP getting spot ETF approval in the United States has greatly increased.
Despite the positive outlook ahead, traders should be cautious in trading XRP in the short term. Once the price breaks above the $0.62 resistance, it is likely to continue to rise to $0.64 and $0.7 or pause its gains for now. Keep an eye on the support at $0.6 because below this, Ripple is likely to drop and retest the $0.58 and $0.55 support areas.
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