Ethereum

bullish

Solana

Chair

XRP price is bullish along with other cryptocurrency majors like Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).&nbsp;As expected,&nbsp;<a href="https://coingape.com/bitcoin-ethereum-climb-as-jerome-powell-confirms-fed-rate-cuts/" target="_blank" rel="noopener noreferrer nofollow">Fed Chair Jerome Powell’s speech</a> at the Jackson Hole Symposium in Wyoming bolstered key global markets, including crypto and stocks.&nbsp;Ripple price surged 2% in the last 24 hours, bringing the total seven-day increase to nearly 9%.
<h2 class="p1" id="xrp-price-to-skyrocket-above-5-shrinking-supply-on-exchanges-bullish-mvrv-ratio-and-futures-market">XRP Price To Skyrocket Above $5: Shrinking Supply on Exchanges, Bullish MVRV Ratio and Futures Market</h2>
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 <a rel="noopener noreferrer nofollow" href="https://app.santiment.net/charts/KBJb-CDP__sCl">Santiment</a> data. From the chart below, only 2.65 million XRP tokens are currently held by exchange wallets, suggesting a decline in potential selling pressure.
<figure id="attachment_213927" aria-describedby="caption-attachment-213927" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213927" src="https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-13.57.26-24-Aug-2024.png" alt="XRP supply on exchanges | Santiment" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-13.57.26-24-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-13.57.26-24-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-13.57.26-24-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-13.57.26-24-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-13.57.26-24-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-13.57.26-24-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-13.57.26-24-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-213927" class="wp-caption-text">
 XRP supply on exchanges | Santiment
 </figcaption>
</figure>
On-chain data based on the market value realized value (MVRV) metrics paints a more bullish picture for <a href="https://coingape.com/price/xrp/" rel="noopener noreferrer nofollow">Ripple price</a>. 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.
<figure id="attachment_213928" aria-describedby="caption-attachment-213928" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213928" src="https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-15.44.23-24-Aug-2024.png" alt="XRP MVRV ratio | Santiment" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-15.44.23-24-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-15.44.23-24-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-15.44.23-24-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-15.44.23-24-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-15.44.23-24-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-15.44.23-24-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/XRP-Ledger-XRP-15.44.23-24-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-213928" class="wp-caption-text">
 XRP MVRV ratio | Santiment
 </figcaption>
</figure>
The cross-border money remittance token is also experiencing significant spikes in futures market metrics, implying growing interest and rising price volatility.
Based on <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/XRP">Coinglass</a> 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.
<figure id="attachment_213929" aria-describedby="caption-attachment-213929" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213929" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-24-at-15.46.28.png" alt="Ripple futures market stats | Coinglass" width="2734" height="1571" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-24-at-15.46.28.png 2734w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-24-at-15.46.28-300x172.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-24-at-15.46.28-1224x703.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-24-at-15.46.28-768x441.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-24-at-15.46.28-1536x883.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-24-at-15.46.28-2048x1177.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-24-at-15.46.28-150x86.png 150w" sizes="(max-width: 2734px) 100vw, 2734px">
 <figcaption id="caption-attachment-213929" class="wp-caption-text">
 Ripple futures market stats | Coinglass
 </figcaption>
</figure>
<h2 class="p1" id="ripple-price-prediction-can-xrp-skyrocket-above-5">Ripple Price Prediction: Can XRP Skyrocket Above $5?</h2>
XRP price is building momentum above $0.61 while the entire <a href="https://coingape.com/cryptocurrency-prices-today-august-2024-bitcoin-reclaims-64k-altcoins-rally-popcat-shines/" rel="noopener noreferrer nofollow">cryptocurrency market turns bullish</a>. Although the $5 target seems ambitious for the token, XRP&nbsp; could start to gain momentum bucked by a potential spot ETF approval buzz.
After the court concluded the lawsuit against the Securities and Exchange Commission (SEC) earlier this month, clearing XRP of alleged security status, chances of a spot ETF approval in the US soared significantly.
Such a development will raise the stakes for XRP as a legitimate global asset, just like Bitcoin and Ethereum.<a href="https://coingape.com/bitcoin-etfs-register-record-weekly-inflows-signal-bullish-shift/" rel="noopener noreferrer nofollow">Bitcoin rallied to a new ATH</a> in Q1, bolstered by the rapid uptake of the ETFs. If Ripple ETFs receive the same support, XRP will gain momentum to reach ATH and extend the rally to $5 long-term.
Currently, support at $0.6 is crucial for the uptrend. At the same time, breaking resistance at $0.62 will boost bullish pressure and even trigger FOMO. XRP holds above the 20-day, 50-day, and 200-day EMA, reinforcing the bullish thesis.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="size-full" src="https://www.tradingview.com/x/X86FMBns/" alt="Ripple price chart | Tradingview " width="2694" height="1436">
 <figcaption class="wp-caption-text">
 Ripple price chart | Tradingview
 </figcaption>
</figure>
Traders should be cautious about trading XRP in the short term despite the bullish outlook. Resistance at $0.62 will either boost the uptrend to $0.64 and to $0.7 or pause the rally. Support at $0.6 is worth paying attention to because if broken Ripple might drop to retest $0.58 and $0.55 support areas.
The post <a href="https://coingape.com/markets/will-xrp-price-skyrocket-above-5-soon/" rel="noopener noreferrer nofollow">Will XRP Price Skyrocket Above $5 Soon?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Will XRP Price Skyrocket Above $5 Soon?

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