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Key takeaways:<\/strong><\/p>\n XRP surged on May 8, boosted by risk-on sentiment following US President Donald Trump’s teased trade deal with the UK.<\/p>\n<\/li>\n Whale accumulation continues, with the number of addresses holding 10,000+ XRP rising steadily on price dips.<\/p>\n<\/li>\n XRP broke above a key falling wedge resistance, increasing the chances of a rally toward $2.80–$3.66.<\/p>\n<\/li>\n<\/ul>\n XRP’s (XRP<\/a>) price gained 7.50% on May 8 to reach an intraday high of $2.27, mirroring similar upside moves elsewhere in the cryptocurrency market.<\/p>\n Traders pushed the price higher amid Trump’s tariff threats, increased whale accumulation, and favorable chart technicals.<\/p>\n Trump announced a “major trade deal<\/a>” in a social media post, announcing an Oval Office press conference with representatives from a “big, highly respected country.” <\/p>\n The deal involves the UK and aims to lower tariffs on cars and steel, which has boosted risk appetite in the last 24 hours. The S&P 500 futures, for instance, rose by around 1.50% ahead of the US market open, pushing the broader crypto market alongside, including XRP.<\/p>\n XRP’s 52-week correlation coefficient with the S&P 500 index has grown since November 2024; it was around 0.54 on May 8, albeit down from its year-to-date peak of 0.74. <\/p>\n XRP’s price gains precede and coincide with a steady increase in the number of addresses holding at least 10,000 tokens, according to data resource Glassnode<\/a>.<\/p>\n The metric shows that whales have accumulated XRP for several months, even during price pullbacks. This accumulation trend signals confidence among large holders, who are positioning for further gains.<\/p>\n Favorable outcomes in Ripple’s SEC lawsuit and spot ETF speculation may have fueled accumulation sentiment among XRP’s richest trader cohort.<\/p>\n XRP’s ongoing rally has pushed the price above a key resistance trendline that had limited its upside since January 2025, prompting chartist Mags to predict a 30% rally toward $2.80 in the coming days.<\/p>\n The downward-sloping resistance trendline is part of a prevailing falling wedge pattern, which many technical analysts see as a bullish reversal setup. <\/p>\n Therefore, a clear breakout above the upper trendline can send the XRP price toward $3.66, a level measured after adding the wedge’s maximum height to the breakout point of $2.20.<\/p>\n The upside target aligns with the bullish XRP outlook shared by multiple chartists and analysts<\/a>, with analyst DOM noting<\/a> the cryptocurrency must hold above $2.20 support to maintain its bullish momentum. <\/p>\n A drop below $2.20 increases the possibility of further declines toward XRP’s 200-day exponential moving average (200-day EMA; the blue wave in the chart above) at around $2.00. <\/p>\n\n
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Trump’s tariff tease boosts risk appetite, helping XRP<\/h2>\n
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XRP whales are stacking<\/h2>\n
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XRP price breaking key resistance<\/h2>\n
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