XRP price bumped up on Thursday, trading at $2.63 at the time of writing after gaining 5.1% to register a third successive daily gain. The momentum on the coin is supported by positive sentiment surrounding its inclusion in a proposed strategic Federal Cryptocurrency Reserve. XRP has gained 19% in the last week, signaling a potential upward trend reversal.
The inaugural White House Crypto Summit will be held on Friday, and is expected to give a clearer roadmap for integration of cryptocurrencies into the mainstream economy. That is likely to bring tailwinds to the XRP price. Meanwhile the Securities and Exchange Commission (SEC) dropped its case against Coinbase, creating a positive sentiment that XRP issuer, Ripple Labs could follow suit.
The SEC’s case against Ripple Labs has been in court since December 2021, and crypto enthusiasts have been counting on the reconstituted SEC to drop an appeal lodged in October 2024. There have been speculations that the case is almost certainly set to be withdrawn, a move that could inject significant fuel into XRP price.
XRP price has been trading below the $3 mark for the most part in the last month, and a return past the $2.50 mark signifies that the next major barrier is likely to be at $3.00. The RSI on XRP’s 4-hour price chart is at 62 as of this writing, affirming a strong uptrend and raising the prospect of an extended gain.
XRP price pivots at $2.55 and the upside will likely continue if action stays above that level. Immediate resistance is likely to be at $2.70, but a stronger upward momentum will break above that level and potentially test $2.80.
Alternatively, the momentum will shift to the downside if the price breaks below $2.55. With the sellers in control, XRP will likely find the first support at $2.45. Breaking below that level will invalidate the upside narrative, with the resulting momentum potentially testing the second support at $2.36.
This post was last modified on Mar 06, 2025, 11:23 GMT 11:23