The XRP price is holding steady around $2.84 on Friday morning. The token remained flat over the past 24 hours. However, it is up 3.5% over the past week. This stability comes as the broader crypto market shows resilience amid macro jitters. Investors are closely watching for new U.S. labor data.
Market Awaits Economic Data
The week’s market backdrop is dominated by U.S. labor data. The jobs report is widely expected to influence the Federal Reserve. Traders are anticipating a potential rate cut in September. However, analysts believe future reductions will be limited. This caution has caused some assets to rally while crypto remains steady.
XRP Shows On-Chain Strength
XRP’s price chart shows a bounce between $2.80 and $2.87. The token is seeing significant on-chain activity. Volume recently hit 2.15 billion XRP in a single day. This suggests a major price move could be ahead. Whale accounts have also added over 340 million XRP since July. This accumulation signals investor confidence at current levels.
Ripple Expansion Supports Outlook
Fundamental developments for Ripple also support XRP. The company is expanding its operations into Africa. It is bringing its USD-backed stablecoin, RLUSD, to the continent. The supply of RLUSD is already nearing $710 million. This global adoption provides a strong foundation for the ecosystem. The price currently faces major resistance near the $3 mark.
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