- The price of Ripple (XRP) stabilized above $2.52 on Friday, culminating in a weekly gain of 23%.
- XRP managed to reclaim the $2.50 mark following confirmation of CEO Brad Garlinghouse’s participation at the White House Summit.
- XRP deposits on Binance have decreased by $100 million since Trump revealed a strategic reserve for cryptocurrency on Sunday.
The price of Ripple (XRP) found stability above $2.40 on Friday, achieving a 23% increase over the week. Swift withdrawals from exchanges following the strategic reserve announcements may trigger a new breakout.
XRP price remains robust above $2.40 as White House Summit ignites speculation
XRP has demonstrated resilience despite overall market fluctuations, standing in contrast to the downturn experienced by other mid-cap cryptocurrencies such as Sui (SUI) and Chainlink (LINK).
Investors appear to be gearing up in anticipation of the White House Summit, where US President Donald Trump is set to engage with cryptocurrency leaders and industry stakeholders to explore regulatory frameworks and the distribution of digital asset reserves.
As of late Friday, XRP continues to secure its position above the $2.40 support level, sustaining a bullish momentum and achieving a 23% increase over the previous week.
This sturdy price activity on Friday can be attributed to market reactions following the confirmation of Ripple CEO Brad Garlinghouse’s attendance at the prominent White House summit.
During this event, Trump is expected to engage with crypto pioneers and key stakeholders to discuss regulatory frameworks and strategies for digital asset allocation.
With confirmation of Ripple CEO’s presence, traders are expecting that positive news from the summit may trigger another surge.
XRP withdrawals from Binance indicate an inclination towards long-term investment as regulatory updates loom
In addition to the resilient price momentum, trends in on-chain data reveal that XRP holders are actively withdrawing their assets from exchanges, suggesting a shift towards long-term storage.
Exchange reserve metrics indicate that Binance-hosted XRP wallets held 2.9 billion tokens as of March 2.
By Friday, reserves had dropped to 2.85 billion, representing an outflow of 50 million XRP—valued at approximately $130 million given current market conditions.
Ripple (XRP) Exchange Reserves on Binance, March 7
Significant withdrawals from centralized exchanges are generally seen as bullish indicators, implying that investors prefer to store their assets in cold wallets rather than trading them on the open market.
This trend coincides with broader speculation in the industry that institutional investors might be gradually accumulating XRP and other cryptocurrencies in anticipation of substantial purchases by the US treasury.
Market observers are also on high alert for potential short-term fluctuations that might arise from Friday’s summit. Some investors could be preparing for profit-taking opportunities depending on the policy directions signaled by leading headlines from the White House Summit.
The combined effects of reduced exchange liquidity and heightened speculative interest might lay the groundwork for a breakout over the $2.50 mark in the foreseeable future.
XRP price outlook: MACD indicates bullish momentum but $2.40 support must persist
The price of XRP remains somewhat volatile but is leaning towards a bullish trend after previously reaching $2.60 in the current session.
Recent price movements show a 19.33% increase over a two-day period, supported by a strong accumulation trend, as indicated by a rising Accumulation/Distribution (A/D) metric currently at 74.22 billion.
This suggests a robust influx of capital, bolstering XRP’s capacity to uphold its recent breakout.
However, with the price retracting to $2.47, it is crucial for the bulls to defend the significant $2.40 support to sustain the upward trajectory.
XRP price outlook
The MACD indicator has turned positive, with the MACD line at 0.0238 crossing above the signal line at -0.0347.
This bullish crossover typically indicates an increase in momentum, suggesting that XRP might extend its gains toward the key psychological mark of $3.00 if buyers maintain their stance.
Furthermore, the histogram has changed to green, affirming the strengthening upward momentum.
Nevertheless, failing to uphold this crossover may result in a bearish divergence, potentially leading to renewed selling pressure.
Despite strong accumulation, XRP faces the possibility of a short-term pullback.
The recent 5.84% decline underscores traders capitalizing on profits at elevated levels, and with heightened leverage in the market, volatility could be exacerbated in either direction.
A decisive fall below $2.40 may expose XRP to further losses toward $2.20, while a rebound above $2.60 would reaffirm bullish dominance.