XRP Price Rebounds as Exchange Supply Drops to 8-Year Low, But Can It Break $2?

The XRP token is showing signs of recovery after a recent dip, with its price bouncing from key support levels. This upward movement coincides with a significant on-chain metric: the supply of XRP held on cryptocurrency exchanges has plummeted to its lowest point in eight years. A decreasing exchange supply typically indicates that investors are moving their holdings to private wallets for long-term storage, reducing immediate selling pressure. This trend is often interpreted as a bullish signal for the asset's future price. However, analysts caution that the $2 price level remains a major psychological and technical resistance hurdle. For a sustained bullish trend to be confirmed, XRP needs to decisively break through and hold above this critical barrier. The current market dynamics present a mix of optimism from reduced liquid supply and the challenge of overcoming a historic resistance zone.