XRP price is bullish along with other cryptocurrency majors like Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). As expected, Fed Chair Jerome Powell’s 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.
XRP supply on exchanges | Santiment
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%
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