Key Takeaways:
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The price of XRP reached 2% on May 7, boosted by the US-China trade optimization, with the main support of $ 2.08 critical for prolonged recovery.
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Whale XRP accumulation signals are price strength.
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The XRP price must hold above the $ 1.83- $ 2.00 support to continue upside down, the analysts say.
XRP (XRP) The price showed strength on May 7, rising 2% in the last 24 hours after the news of possible US-China trade conversation flipped a sentiment with the investor.
The XRP price remains above $ 2.00 at the time of writing, as some analysts feature basic levels of support that the asset should handle for a sustainable recovery of new high-time highs.
Whale accumulation supports the view of bullish XRP
Some indicators show that the ongoing increase in XRP prices may not be just a short -term reaction to positive macroeconomic news.
For example, the Santiment supply distribution measurement shows a steady increase in supply held by creatures with 1 million -10 million token balances. These addresses now hold 9.44% of the total XRP supply, an increase of 1.2% since January 1.
This indicates that whales do not sell to Recent falling to $ 1.60 But the XRP has accumulated, which suggests that most position themselves for further acquisitions.
By buying during the falls, these large creatures can reduce the sale of pressure and create a floor for the price, encouraging smaller retail investors to follow the suit.
Meanwhile, XRP Open interest The OI) saw a moderate 0.32% rise to $ 3.65 billion the previous day, which signed a slight increase in the businessman’s trust and liquidity. However, the 17% drop in trading volume at $ 3.9 billion was caused by a reminder, suggesting low convincing as entrepreneurs await the XRP price to establish a clear direction bias.
The price of XRP at $ 4 all-time highs?
Entrepreneurs believe that XRP can visit again seven people high over $ 3.40 And beyond, but its potential to continue its gains depends on handling above support levels.
Data from Cointelegraph Markets Pro and Tradingview It is shown that the XRP price bouncing from the 200-day SMA to $ 2.08 on May 6, rising as 4.5% up to now $ 2.17, which is also the 50-day SMA.
Related: Why is XRP price declining today?
The 200-day SMA coincides with the average price with weight volume election (VWAP) and the monthly RVWAP, as shown in the chart below.
“It’s a place we want to see to continue to defend,” Says Businessman and analyst Dom in a post of May 6 in X, which added that the failure to handle this upper level could see the fall of the XRP towards $ 1.90.
“To see an immediate backdown, we need to see the price recovering $ 2.12.”
Both analyst Egrag Crypto Says The price of XRP “should not and cannot close below $ 1.83.”
Meanwhile, the pseudonymous analyst Xforceglobal believe “The XRP is still well within the bullish territory” as long as it remains above the multimonth of less than $ 1.60 reached on April 7.
“The new all-time highs seem to be close.”
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
