XRP Price Forecast: Bulls Anticipate $0.55 Breakout in the Week Ahead

After a major crypto market crash occurred on Sept 5, the chart above shows how exchange deposits, rose persistently from 2.94 billion XRP to reach

.55 Breakout in the Week Ahead" >

After a major crypto market crash on Sept. 5, exchange deposits rose persistently, reaching 3.12 billion XRP on Oct. 1. In total, exchange platforms saw an addition of 187 billion XRP, valued at roughly $100 million.

Usually, sustained exchange inflows indicate that traders are seeking short-term selling opportunities and vice versa. However, since Bitwise’s XRP ETF filing on Oct. 2, traders have shifted their holdings into long-term cold storage. As of Oct. 6, exchange reserves slipped to 3.06 billion XRP.

At current prices, investors have effectively moved over 60 million XRP, worth roughly $32 million, out of exchanges and trading platforms during the 6% rally over the last three days.

If investors continue burning more XRP coins to mint RLUSD, like we've seen this past week, XRP's short-term supply could drop even further. This could pave the way for another potential accelerated breakout in the days to come.

These RLUSD launch and Bitwise ETF filing have helped XRP price notably outperform Bitcoin (BTC) over the weekend. The $32 million decline in market supply and $43 million inflows from RLUSD mints suggest that XRP price could be poised for another leg up towards $0.55 in the week ahead.

The above is the detailed content of XRP Price Forecast: Bulls Anticipate $0.55 Breakout in the Week Ahead. For more information, please follow other related articles on the PHP Chinese website!