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XRP price update: Trump Trade Deal, Whale Activity, and Breakout Spark Rally
The XRP price is making headlines today with a sharp upward move. On May 8, it surged by 7.5%, reaching an intraday high of $2.27 — its highest level in weeks. This bullish momentum is driven by a combination of geopolitical news, strong whale accumulation, and a key technical breakout.
Trump’s trade deal fuels risk appetite
Former U.S. President Donald Trump ignited market optimism with a bold social media announcement. He revealed a “major trade deal” with a “highly respected country,” later confirmed to be the United Kingdom. The deal reportedly includes lower tariffs on automobiles and steel.
This geopolitical development boosted investor confidence in risk assets. Futures on the S&P 500 rose 1.5% ahead of the U.S. market open, helping lift the broader crypto market — including XRP.
Interestingly, XRP’s correlation with the stock market has grown stronger since late 2024. On May 8, its 52-week correlation coefficient with the S&P 500 was 0.54, reflecting an increased sensitivity to macroeconomic events.
Whales accumulate XRP aggressively
While retail traders cautiously watch the charts, large holders — known as whales — have been quietly stacking XRP. Data from Glassnode shows a consistent rise in the number of wallets holding at least 10,000 XRP. This trend has been ongoing for months, even during price dips.
The accumulation suggests rising confidence among institutional and large-scale investors. Some of this buying may be driven by expectations of a favorable outcome in Ripple’s ongoing lawsuit against the SEC. Others speculate on the potential approval of a spot XRP ETF.
As buying pressure from whales increases, the foundation for a sustained rally becomes stronger.
Technical breakout confirms bullish momentum
From a technical perspective, XRP just broke through a critical resistance line that has capped its price since January 2025. This line formed part of a broader “falling wedge” pattern — typically viewed as a bullish reversal signal.
With the breakout above $2.20, analyst Mags now forecasts a 30% upside toward $2.80. If momentum continues, XRP could reach as high as $3.66 — a target based on the wedge’s maximum height projected from the breakout point.
Still, risks remain. Analysts warn that XRP must hold above $2.20 to maintain its bullish trajectory. A drop below this level could trigger a correction toward the 200-day exponential moving average (EMA), currently near $2.00.
The coming days will be crucial. If XRP holds firm above $2.20, the rally may continue — but any weakness could send the price back into consolidation territory.
