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.

Cryptocurrency prices surged on Friday after a speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium in Wyoming boosted key global markets, including crypto and stocks.

Bitcoin (BTC) price rose 2.2% over the past 24 hours to trade at $29,633 by 07:30 ET (11:30 GMT). Ethereum (ETH) climbed 1.3% to $20,232 at the same time.

Solana (SOL) rose 2.7% to $44.06, while Dogecoin (DOGE) dropped 0.2% to $0.08603. Among the top ten cryptocurrencies, XRP rose the most, adding 2% to trade at $0.6133 by 07:30 ET (11:30 GMT).

As expected, Powell’s speech at the symposium 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 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.

XRP price is building momentum above $0.61 while the entire cryptocurrency market turns bullish. Although the $5 target seems ambitious for the token, XRP 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.

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