Why is XRP price up today?
*Key takeaways:*
· XRP surged on May 8, boosted by risk-on sentiment following Donald Trump’s teased trade deal with the UK.
· Whale accumulation continues, with the number of addresses holding 10,000+ XRP rising steadily on price dips.
· XRP broke above a key falling wedge resistance, increasing the chances of a rally toward $2.80–$3.66.
XRP’s (XRP) price gained 7.50% on May 8 to reach an intraday high of $2.27, mirroring similar upside moves elsewhere in the cryptocurrency market.
Traders pushed the price higher amid US President Donald Trump’s tariff threats, increased whale accumulation, and favorable chart technicals.
XRP/USD daily price chart. Source: TradingView
*Trump’s tariff tease boosts risk appetite, helping XRP*
Trump announced a “major trade deal” in a social media post, announcing an Oval Office press conference with representatives from a “big, highly respected country.”
Source: Truth Social
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.
S&P 500 futures, Nasdaq futures, TOTAL crypto market cap, XRP/USD daily performance. Source: TradingView
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.
*XRP whales are stacking*
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.
XRP number of addresses with a balance of over 10K tokens. Source: Glassnode
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.
Favorable outcomes in Ripple’s SEC lawsuit and spot ETF speculation may have fueled accumulation sentiment among XRP’s richest trader cohort.
*XRP price breaking key resistance*
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.
Source: Mags
The downward-sloping resistance trendline is part of a prevailing falling wedge pattern, which many technical analysts see as a bullish reversal setup.
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.
XRP/USD daily price chart ft. falling wedge breakout setup. Source: TradingView
The upside target aligns with the bullish XRP outlook shared by multiple chartists and analysts, with analyst DOM noting the cryptocurrency must hold above $2.20 support to maintain its bullish momentum.
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.
*Related: **Moon soon? XRP's strongest spot premium aligns with 70% rally setup*
It would invalidate the bullish reversal pattern if XRP decisively falls below the wedge’s lower trendline around the $1.80–$1.85 area.
This 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.