- XRP price stabilized above $2.52 on Friday, marking a 23% weekly gain.
- The token reclaimed the $2.50 level after confirmation of Ripple CEO Brad Garlinghouse's attendance at the White House summit.
- Binance deposits for XRP dropped by $100 million since Trump's Sunday announcement of a crypto strategic reserve.
XRP price consolidated above $2.40 on Friday, with a 23% weekly surge. Rapid exchange outflows post-announcement of the crypto strategic reserve could trigger another breakout phase.
XRP Price Holds Firm Above $2.40 Amid White House Summit Momentum
XRP demonstrated resilience amid broader market volatility, avoiding corrective dips seen in mid-cap assets like Sui (SUI) and Chainlink (LINK).
Investors appear to be positioning ahead of the White House summit, where former U.S. President Donald Trump is expected to meet crypto executives and stakeholders to discuss regulatory frameworks and digital asset reserve allocations.
Key XRP Price Movements
- Maintained support above $2.40, reinforcing a bullish trajectory (+23% weekly).
- Price stability followed confirmation of Ripple CEO Brad Garlinghouse’s attendance at the summit.
- Anticipation of policy announcements could fuel another rally.
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Binance Outflows Suggest Long-Term Accumulation Ahead of Policy Updates
On-chain data reveals a shift toward long-term XRP storage, with holders withdrawing tokens from exchanges:
- Binance’s XRP reserves dropped from 2.9B to 2.85B tokens (March 2–7), equivalent to $130 million outflow.
- Large withdrawals typically signal bullish sentiment, indicating reduced intent for short-term trading.
- Aligns with speculation that institutional investors may be accumulating XRP ahead of potential U.S. Treasury purchases.
Market Outlook
- Reduced exchange liquidity + heightened speculation could drive a breakout above $2.50.
- Short-term volatility expected post-summit, with traders likely capitalizing on policy-driven headlines.
XRP Price Prediction: MACD Signals Bullish Momentum, But $2.40 Support Is Critical
Technical Indicators
- MACD: Bullish crossover (0.0238 above signal line at -0.0347), suggesting upward momentum.
- A/D Line: At 74.22B, confirming strong capital inflow.
Key Levels:
- Support: $2.40 (loss could target $2.20).
- Resistance: $2.60 (breach may retest $3.00 psychological barrier).
Risks
- Short-term pullback possible (recent 5.84% dip highlights profit-taking).
- High leverage could amplify volatility.
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FAQ
1. Why did XRP prices surge ahead of the White House summit?
- Anticipation of regulatory clarity and Ripple CEO’s participation fueled bullish sentiment.
2. What does the $130M Binance outflow indicate?
- Long-term holding trends, reducing immediate sell pressure.
3. Can XRP reach $3.00 soon?
- A break above $2.60 could pave the way, but $2.40 support must hold.
4. How does Trump’s crypto reserve plan affect XRP?
- Potential institutional adoption may drive demand if reserves include XRP.
5. Is now a good time to buy XRP?
- Monitor the $2.40–$2.60 range; MACD suggests upward potential but watch for pullbacks.
6. What’s the impact of reduced exchange liquidity?
- Lower supply on exchanges may increase price volatility during demand spikes.
Note: All data reflects market conditions as of March 2024. Always conduct independent research before trading.