As many assets in the cryptocurrency sector near the week’s end on a positive note, XRP seems to be one of them, albeit recording only minor advances often mixed with sudden drops, and one crypto expert believes that the popular token is about to make one last dip before bullish recovery.
Specifically, pseudonymous crypto trading analyst CoinsKid observed that XRP could go through “one last nuke” toward $0.4018 as part of its five-wave price action with bullish divergence before a massive recovery to $0.7478, as he explained in his X post shared on May 16.
At the same time, the crypto market analyst believes that such a price action would offer an opportunity to “go all in at that point,” in other words, to buy XRP at a low price but also referring to his viewpoint as a potential “bear hopium,” suggesting irrational or unwarranted optimism.
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XRP price analysis
Meanwhile, XRP was at press time changing hands at the price of $0.52256, which represents an increase of 0.24% in the last 24 hours, as it grew its value by 1% across the previous seven days and a slightly higher 4.03% on its monthly chart, as per data on May 17.
At the same time, it is worth noting that XRP whales are already taking the opportunity to accumulate more of the token at the center of the widely publicized courtroom standoff between blockchain company Ripple and the United States Securities and Exchange Commission (SEC).
Indeed, renowned crypto analyst Ali Martinez has recently noticed a significant accumulation from addresses with a balance between 1 million and 10 million XRP in the previous 15 days, their total holdings growing by 110 million XRP in a yearly high and bullish divergence.
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