XRP Wants Up 10% Amid Upbeat On-Chain Values ​​As Ripple Steady Gains

• The supply of XRP on exchanges is in a steady decline, signaling a decrease in selling pressure on Santiment data.
• Ripple has begun testing its stablecoin in private beta as traders digest the SEC lawsuit ruling.
• XRP whales are shedding their tokens as retailers pile up from last week’s crypto crash.
• XRP extends gains to $0.57 and is looking at a 10% rise to $0.63 in a bullish scenario.

Ripple (XRP) has shared positive developments with traders over the past week following the conclusion of the Securities and Exchange Commission (SEC) lawsuit against the company. XRP erased its losses and held above key support at $0.57 on Tuesday.

On-chain values ​​show bullish potential in XRP Ledger’s native token amid other positive developments in the ecosystem.

Daily Market Reasons: XRP On-Chain Values ​​Support Bullish Theses

• Data from Santiment shows that the supply of XRP on exchanges is in steady decline. As XRP tokens held in exchange wallets decrease, there is less availability of the token for sale, reducing selling pressure on the asset.
• The drop in exchange supply is therefore considered a sign of potential altcoin price gains.

XRP supply on exchanges vs. price

• Large XRP wallet investors have shed their token holdings, while retail holders are accumulating the asset even as Ripple extends gains. Santiment data shows the distribution of XRP supply over the past week.

XRP supply distribution vs. price

• Ripple has started its private beta testing for the RippleUSD (RUSD) stablecoin. The firm informed traders that the token is not available for trading or sale as it awaits regulatory approval.

Technical Analysis: XRP Sees 20% Gains.

Ripple has been in a downtrend for several months as seen on the XRP/USDT daily chart. XRP extends Tuesday’s gains to $0.5744 at the time of writing. XRP could extend gains by 10.21% and rise towards the $0.63 target.

The $0.63 level is key for XRP, and the altcoin is facing resistance at the psychologically important $0.60 level. The Relative Strength Index (RSI) is reading 52, signaling positive momentum in the XRP price trend.

XRP/USDT Daily Chart

XRP could find support in the Fair Value Gap (FVG) between $0.5888 and $0.5785 in a bearish scenario.