XRP Price Prediction: Korean Investors Bet Big on XRP, Can It Reach $5 by May

South Korean investors seem to be flocking to XRP recently amid the strong bullish movement of this token. This is seen by veteran traders as a precursor to the beginning of a new bullish cycle for altcoins. The strong bullish trend of XRP over the weekend has pushed the annual increase to 18.7%, making the native asset of the Ripple network the best performing token in the top 5. Data from Upbit, the largest cryptocurrency exchange in South Korea, shows that the trading volume of XRP is currently leading the rankings with nearly $335 million, far surpassing the trading volume of Bitcoin (BTC) valued at $179 million in the past 24 hours. Experienced market participants emphasize that this bullish trend is the result of a strong short selling that has liquidated over 1 billion dollars worth of short positions.

Data from CoinGlass shows that $212 million worth of short positions have been liquidated in the past 24 hours. However, on May 7, this figure surged to $835 million. Bullish trends tend to be more severe in highly leveraged and one-sided markets like this. XRP price prediction: Bulls aim for the target of $3.2 The strong participation of Korean retail traders is often a bullish factor to consider when making price predictions for XRP. The latest price movement continues to support the upcoming bullish trend to $3.2 after XRP completely reversed the downward trend and escaped from the descending price channel.

Both the 21-day EMA and the 200-day EMA are trending upwards and the momentum indicators are at a strong bullish level. The relative strength index (RSI) is currently at 64, meaning that buyers are in control of price movements, while the MACD chart has been bullish for the past four days. In addition to the short-term and long-term EMA lines, the $2 level is the most important support area to watch in case of a strong pullback. To reach the level of $5 will require significant effort from the buyers. Although it's not impossible, XRP will first have to surpass the all-time high of $3.45. The last time the buyers tried, they faced strong selling pressure. As market sentiment improves along with macroeconomic conditions, the likelihood of XRP reaching a new all-time high also increases.