Source: Cointelegraph.com NewsKey takeaways:<\/p>\n
XRP price is up 2% on May 7, buoyed by US-China trade talk optimism, with key support at $2.08 critical for sustained recovery.
\nWhale accumulation signals XRP price strength.
\nXRP price must hold above $1.83\u2013$2.00 support to continue upside, analysts say.<\/p>\n
XRP (XRP) price displayed strength on May 7, rising 2% over the last 24 hours after news of possible US-China trade talks flipped investor sentiment.\u00a0
\nXRP price remains above $2.00 at the time of writing, as several analysts highlight the key support levels the asset should hold for a sustainable recovery to new all-time highs.
\nWhale accumulation supports bullish XRP view
\nCertain indicators show that XRP\u2019s ongoing price rise may not be just a short-term reaction to the positive macroeconomic news.\u00a0
\nFor instance, Santiment’s Supply Distribution metric shows a steady rise in the supply held by entities with a 1 million \u201310 million token balance. These addresses now own 9.44% of the total XRP supply, a 1.2% increase since Jan. 1.\u00a0<\/p>\n
Percentage of addresses holding between 1M and 100M XRP. Source: SantimentThis suggests that whales did not sell on the recent drop to $1.60 but accumulated XRP, suggesting most are positioning themselves for further gains. Source: Cointelegraph.com NewsKey takeaways: XRP price is up 2% on May 7, buoyed by US-China trade talk optimism, with key support at $2.08 critical for sustained recovery. Whale accumulation signals… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128777"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128777"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128777\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128777"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBy purchasing during downturns, these large entities can reduce selling pressure and create a floor for the price, encouraging smaller retail investors to follow suit.\u00a0
\nMeanwhile, XRP open interest (OI) has seen a modest 0.32% rise to $3.65 billion over the last day, signaling a slight increase in trader confidence and liquidity. However, the 17% drop in trading volume to $3.9 billion is a cause for concern, suggesting low conviction as traders wait for the XRP price to establish a clear directional bias.
\nXRP derivatives data. Source: CoinGlass
\nXRP price to $4 all-time highs?
\nTraders believe XRP can revisit its seven-year highs above $3.40 and beyond, but its potential to continue its gains depends on holding above key support levels.\u00a0
\nData from Cointelegraph Markets Pro and TradingView shows that XRP price bounced off the 200-day SMA at $2.08 on May 6, rising as much as 4.5% to today\u2019s intraday high of $2.17, which is also the 50-day SMA.
\nRelated: Why is XRP price down today?
\nThe 200-day SMA coincides with the election volume-weighted average price (VWAP) and the monthly rVWAP, as shown in the chart below.
\n\u201cThis is an area that we want to see continue to get defended,\u201d said trader and analyst Dom in a May 6 post on X, adding that failure to hold above this level could see XRP drop toward $1.90.
\n\u201cTo see an immediate trend reversal, we need to see the price regain $2.12.\u201d
\nXRP\/USD daily chart. Source: Cointelegraph\/TradingViewFellow analyst Egrag Crypto said XRP price \u201cshould not and cannot close below $1.83.\u201d
\nMeanwhile, pseudonymous analyst XForceGlobal believes \u201cXRP is still well within bullish territory\u201d as long as it stays above the multimonth low at $1.60 reached on April 7.
\n\u201cNew all-time highs look imminent.\u201d
\nXRP\/USD four-hour chart. Source: XForceGlobalThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"