XRP's price rose 2% to $0.54, stabilizing around $0.53.
Decline in XRP supply on exchanges suggests potential price increase.
Ripple's legal battle with the SEC could impact XRP's future.
Ripple's XRP has experienced a modest 2% daily increase after briefly climbing above $0.54 then stabilizing around $0.53. But the recent price movement is not the only thing worth noting.
A key metric suggests that XRP might be on the verge of a significant rally. But what's fueling this optimism?
Declining Exchange Supply Sparks Optimism
One factor driving this optimism is the drop in XRP’s supply on exchanges. Santiment reports that only 2.58 million XRP tokens are currently available on trading platforms.
This represents the lowest supply level seen in approximately seven months. When fewer tokens are available for immediate sale, it generally means that investors are holding onto their assets rather than selling them.
This reduction in available supply can reduce selling pressure and potentially push the price up. Analysts are picking up on these signs.
https://twitter.com/cryptoWZRD_/status/1833315269025861821?t=zpAoZgPysIV2i5iBWPMipw&s=19
For instance, CRYPTOWZRD, a crypto analyst, has noted that XRP’s daily chart appears bullish, as the post above suggests. He believes that the cryptocurrency might see further gains in the near future.
Ripple v. SEC: Legal Developments Influence
The ongoing legal battle between Ripple and the SEC could also impact XRP’s price. Recently, Judge Torres ordered Ripple to pay a $125 million fine for violating securities laws.
This fine is a significant reduction from the SEC’s original demand of $2 billion. Ripple’s CEO Brad Garlinghouse has called the decision a win, considering the reduction.
Both Ripple and the SEC have until early October to address the ruling. The SEC seems inclined to challenge the decision, adding to the uncertainty surrounding XRP’s price.
Ripple has also requested a delay on the payment, which was due on September 6. The SEC has agreed to this delay, which further complicates the situation.
XRP is showing signs of potential growth. The decrease in supply on exchanges and the legal developments are key factors to watch.
These elements could influence XRP’s price trajectory in the near term. With these dynamics in play, XRP investors should stay alert to upcoming changes and market reactions.
The post Key Ripple Metric Bullish; Is an XRP Price Surge Imminent? appeared first on Crypto News Land.
