Will XRP Price Skyrocket Above $5 Soon?
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XRP price is bullish along with other cryptocurrency majors like Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).Â
As expected, Fed Chair Jerome Powellâs speech at the Jackson Hole Symposium in Wyoming bolstered key global markets, including crypto and stocks. Ripple price surged 2% in the last 24 hours, bringing the total seven-day increase to nearly 9%.
XRP Price To Skyrocket Above $5: Shrinking Supply on Exchanges, Bullish MVRV Ratio and Futures Market
XRP price outlook has, within 24 hours, transitioned from struggling to becoming highly bullish. Its fundamentals, starting with the balance on exchanges, are positive per Santiment data.
From the chart below, only 2.65 million XRP tokens are currently held by exchange wallets, suggesting a decline in potential selling pressure.
On-chain data based on the market value realized value (MVRV) metrics paints a more bullish picture for Ripple price. Note that an MVRV 30-day ratio increase from -2.87% to +5.33% for XRP suggests the average holder is realizing a profit spike. It means bullish sentiment and potential upward price movement.
The cross-border money remittance token is also experiencing significant spikes in futures market metrics, implying growing interest and rising price volatility.
Based on Coinglass data, the increase in volume to $1.32 billion and open interest to $722k indicates that more traders are actively participating in the market and contributing to the rising buying pressure.
Moreover, a noticeable rise in options volume to $2.04k and options open interest to $247k suggests that traders speculate on future price movements.
