CandleFocus Ripple (XRP) Supply on Exchanges Drops to Seven-Month Low, Price Fails to React
2024-09-09
Author: Content Editor
The amount of Ripple's XRP held on cryptocurrency exchanges has been decreasing, indicating reduced selling pressure and potential price increases. However, XRP's price has continued to fall despite this trend. Currently, 2.58 million XRP tokens, valued at $1.32 million, are held on exchanges, a 28% decrease since February 1. While a decrease in exchange-held supply usually leads to higher prices, the surge in demand for XRP has been lacking. Since reaching a high of $0.71 on March 11, XRP has dropped 24% to $0.53. The percentage of XRP's total supply held in profit also declined, reaching a 16-month low of 67.38% on July 4 but is now at 76.79%. XRP's price movements indicate a potential uptrend if demand remains strong, with targets of $0.56 and $0.60. However, if the retest fails, the price could drop to $0.46.
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