TLDR
- XRP has surged 19% reaching $2.70 ahead of White House Crypto Summit
- Price recovering from $2.20 but encounters resistance at the $2.50-$2.64 range
- Derivative markets show $150M in leveraged long positions versus $115M in shorts
- Brad Garlinghouse confirmed to attend the summit alongside other industry leaders
- Technical analysis suggests possible $5 target if price breaks through $3 resistance
XRP prices have shown a strong upward trend in recent days. The digital asset climbed 19% to reach $2.70 as traders position themselves ahead of the White House Crypto Summit.
The recovery began near the $2.20 support zone. This bounce allowed XRP to push above several key price levels including $2.40 and $2.50 before meeting resistance.
Bears became active as the price approached $2.64. This selling pressure forced a correction that broke below a bullish trend line at $2.55 on hourly charts.
The price currently trades below both the $2.55 level and the 100-hour Simple Moving Average. This positioning suggests some short-term weakness in the market structure.
First major resistance for XRP sits at $2.535. If buyers can overcome this level, the next target would be the recent high of $2.64.
A clear move above $2.64 could trigger more buying. This might send XRP toward $2.72, with further upside potential to $2.80 or even $2.85 in the near term.
Support levels exist at $2.425 and $2.375. The latter coincides with the 61.8% Fibonacci retracement level of the recent upward move from $2.211 to $2.639.
Breaking below $2.375 would signal further weakness. This could push XRP toward $2.32, with the major support zone at $2.20 coming into play next.
Market Analysis
Market data reveals strong bullish sentiment in derivatives markets. Leveraged long positions have reached $150 million, exceeding the $115 million in short positions.
This 20% gap between longs and shorts indicates trader optimism. However, it also creates liquidation risks if the market moves against these leveraged positions.
The upcoming White House Crypto Summit has captured market attention. This high-profile event will feature discussions on regulatory frameworks and a proposed U.S. crypto reserve.
Ripple CEO Brad Garlinghouse has confirmed his participation. He will join other industry leaders including Coinbase CEO Brian Armstrong and MicroStrategy’s Michael Saylor.
XRP has outperformed major cryptocurrencies ahead of the summit. While Bitcoin dropped 4%, XRP gained 19%, showing the market’s positive reaction to Ripple’s involvement.
Technical indicators present a mixed picture. The Parabolic SAR dots remain below price action, confirming the uptrend, while the MACD histogram shows expanding green bars.
The MACD line has crossed above the signal line. This crossover reinforces the possibility of continued upward momentum in the coming days.
A decisive close above $2.70 could set up a test of the $3 level. This psychological barrier previously rejected price advances following Trump’s crypto reserve announcement.
If bulls maintain control and break through $3, analysts see potential for XRP to reach $5 in the coming weeks. This projection depends on favorable policy outcomes from the summit.
On the downside, failure to hold above $2.60 may invite bearish pressure. This could lead to a retest of the $2.10 support level where buyers previously entered the market.
The summit’s outcomes will likely determine XRP’s next major move. Favorable regulatory discussions could fuel further gains, while negative developments might trigger a sell-off.
Current market momentum favors the bulls. However, traders should remain cautious of the high leverage in the market, which could amplify volatility in either direction.
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