Ripple (XRP) price soared to $2.70 on Thursday, surging 19% in 24 hours

With XRP bulls maintaining dominance in derivatives markets, leveraged long positions now total $150 million, signaling continued upside potential.

The price of Ripple (XRP) soared to $2.70 on Thursday, surging 19% in 24 hours as investors responded to U.S. trade tariff updates and anticipation for the March 7 White House Crypto Summit.

With XRP bulls maintaining dominance in derivatives markets, leveraged long positions now total $150 million, signaling continued upside potential.

However, stiff resistance at the $3 level was faced after Trump's announced the strategic crypto reserve on March 3.

Yet, renewed volatility from shifting U.S. trade policies has strengthened bullish sentiment leading into the summit. If momentum persists, XRP could challenge long-term resistance above $3.

The latest market data indicates a strong influx of buyers, propelling XRP beyond $2.70 as investors are seen executing last-minute trades ahead of today’s high-profile summit.

What is the White House Crypto Summit, and How Could It Be Bullish for XRP?The White House Crypto Summit is a pivotal event where key industry leaders and policymakers will convene to discuss the future of cryptocurrency regulations in the U.S. Among the agenda items are the establishment of a national crypto reserve and providing clearer guidelines for institutional adoption.

For XRP, the summit's significance lies in its potential to reshape market sentiment. If Ripple gains regulatory clarity or is formally integrated into the proposed reserve, XRP could experience sustained bullish momentum, with traders eyeing a move toward $5.

Going by trends observed in Coinglass' latest derivatives market data, majority of XRP short-term traders are anticipated a positive outcome from the summit. As seen in the chart above, XRP long leverage has crossed the $150 million mark at press time on March 6, towering above the active short contracts which currently stands at $115 million. With long leverage outpacing short by more than 20%, the short-term momentum remains largely bullish.

However, if negative readings from Non-Farm Payrolls report overshadow headlines from the White House Crypto summit, XRP price risks rapid corrections if the over-leveraged bulls are liquidated.

XRP Price Analysis: Technical Outlook

XRP price is holding strong above the $2.60 mark, having surged 19% in just two days as technical indicators flash bullish signals. The Parabolic SAR dots remain positioned below price action, confirming the prevailing uptrend, while the MACD histogram shows expanding green bars, signaling strengthening bullish momentum. The MACD line has crossed above the signal line, further reinforcing the possibility of a sustained rally.

A decisive close above the $2.70 resistance zone could set the stage for a retest of the psychological $3 level, where prior rejection occurred following Trump's announcement of the crypto reserve. If bulls can maintain control and break past $3, it could open the door for XRP to challenge the $5 zone in the coming weeks.

However, failure to hold above the $2.60 level might invite bearish pressure, potentially leading to a retest of the $2.10 support level, where buyers previously stepped in to propel the recent surge.

The increasing leverage in long positions, now at $150 million, suggests that market sentiment is skewed toward the upside, but it also introduces liquidation risks if volatility spikes. As the White House Crypto Summit unfolds, XRP's reaction to regulatory developments could dictate the next major move, with bullish momentum favoring a continuation of the uptrend.

Frequently Asked Questions (FAQs)

1. Why is XRP price surging ahead of the White House Crypto Summit?

2. Could XRP price reach $5 after the summit?

3. What risks does XRP face despite the bullish rally