XRP news today: XRP Long Positions Surge 70.95% Amid Bullish Sentiment

XRP long positions have surged to their highest levels in a month, with a long/short ratio of 2.467, indicating a significant increase in bullish bets. This ratio is the highest since April 30, when it briefly reached 2.482, and is well above the 30-day range of 1.718 to 2.368. The last time the balance between bullish and bearish bets was close to its current value with any stability was between March 27 and April 4, when it ranged from 2.272 to 2.520. On May 6, 70.95% of all accounts maintained a long position, while only 29.05% were short.

Despite the bullish sentiment, XRP has shown signs of further decline. The token has abandoned its brief upswing, which took it to $2.29 in the final days of April, and has developed a relatively decisive downtrend since. Considering that XRP is changing hands below its previous nearest support level of $2.10, there is reason to believe it could soon plunge further, possibly to its next foothold at about $2.09. If the token falls to the low and breaks below it, its next opportunity to regain stability could be as distant as $2.05. On the flip side, XRP already tested the $2.09 level early on May 6 and bounced higher. However, a larger rally remains distant as the nearest resistance is at a lofty $2.18.

The relative strength index (RSI) for XRP stands at 47.85, indicating that the cryptocurrency is neither particularly overbought nor oversold. This suggests that XRP could soon end the downturn and find some stability at its current price. However, a rally is unlikely in the near future as the nearest resistance is at $2.18.

Prominent figures within the XRP community have suggested that ultra-wealthy investors are placing substantial bets on the token, citing a notable concentration of large holdings. This indicates that high-net-worth individuals are confident in XRP's potential for price appreciation, further bolstering the bullish sentiment surrounding the cryptocurrency. Analysts have made various predictions about XRP's future price movements. One analyst has forecasted that XRP could reach a target price of $12 by 2026, representing a 2,900% surge. This prediction is based on whale accumulation and Elliott Wave signals, which suggest a strong upward trend for the token. Another analyst has suggested that XRP could either face rejection near $6 or explode toward $30, depending on how it navigates major resistance levels. These predictions highlight the potential for significant price movements in the coming years, although they should be taken with caution as they are based on technical analysis and market trends.

The recent surge in long positions and the bullish sentiment from prominent figures and analysts indicate that investors are optimistic about XRP's future performance. However, it is important to note that the cryptocurrency market is highly volatile, and price movements can be unpredictable. Investors should conduct thorough research and consider their risk tolerance before making any investment decisions.