Main takeout:
The XRP price rose 2% on May 7, the US-HINA Trade Talk OPMENTISM was supported and received $ 2.08 for continuous recovery.
Whale accumulation signal XRP price strength.
Analysts say that the XRP price should be maintained at $ 1.83 – $ 2.00 or more.
The XRP (XRP) price showed strengths on May 7, and the US-HINA Trade Talks have risen 2% over the last 24 hours after the investor sentiment overturned the investor sentiment.
The XRP price remains at least $ 2.00 at the time of writing. Some analysts emphasize the level of support that assets should be held for sustainable recovery at the highest highest ever.
Whale accumulation supports optimistic XRP view.
According to certain indicators, the continuous increase in price of XRP can be a short -term response to positive macroeconomic news.
For example, SantIMent’s supply metric shows a steady increase in supply held by a group with 1 million to 1 million tokens. This address currently owns 9.44% of the total XRP supply and is 1.2% since January 1.
This suggests that whales have not been sold at $ 1.60 in recent falls, but they have accumulated XRP, and most of them are positioning themselves for more profit.
By purchasing during the recession, these large companies can reduce sales pressure and create a floor of the price, allowing small retail investors to follow the lawsuit.
Meanwhile, XRP Open Interest (OI) has been humble at $ 3.66 billion over the last day, and merchant trust and liquidity have slightly increased. However, it is a cause of concern that the volume of transactions has decreased by 17% to $ 3.9 billion, and it suggests that the conviction is low as the merchant waits for the XRP price to establish a clear direction prejudice.
Is the XRP price up to $ 4?
Traders think that XRP will be able to visit more than $ 3.40 for seven years, but the potential to continue profit depends on increasing the level of support.
According to the data from COINTELELEGRAPH Markets Pro and TradingView, the XRP price was 200 days SMA with $ 2.08 on May 6, and it rose 4.5% due to today’s 50 -day SMA.
relevant: Why is the XRP price drop today?
The 200 -day SMA matches the weighted average price (VWAP) and monthly RVWAP, as shown in the chart below.
In the May 6th post of X, Trader and Analyst DOM added that XRP could drop to $ 1.90 without raising this level.
“To see the immediate trend reversal, the price must recover $ 2.12.”
Fellow analyst EGRAG Crypto said that the XRP price should not be closed or close to $ 1.83 or less.
Meanwhile, a pseudonym analyst XFORCEGLOBAL believes that as long as it maintains the multi -monitiest at $ 1.60 on April 7, “XRP is still in an optimistic territory.”
“The new all -time highs look imminent.”
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.