XRP surges past $2.50 resistance but faces selling pressure at $2.64

Ripple's XRP has shown signs of recovery, with its price bouncing back from the $2.20 support zone. The digital asset has climbed above several key resistance levels, including $2.40 and $2.50, but faced selling pressure near the $2.64 mark, leading to a corrective phase. During this phase, XRP broke below a bullish trend line with support at $2.55 on the hourly chart and dipped below the 50% Fibonacci retracement level of the upward move from $2.211 to $2.639.

Currently, XRP is trading below both the $2.55 level and the 100-hourly Simple Moving Average. The first major resistance sits near $2.535, followed by $2.64. If buyers can push the price above $2.64, XRP could move toward $2.72, with further gains potentially targeting the $2.80 level or even approaching $2.85 in the near term. On the downside, initial support exists around $2.425, with the next major support level near $2.375, which coincides with the 61.8% Fibonacci retracement level of the recent upward move. A breakdown below $2.375 could send the price toward $2.32, with the next major support at the $2.20 zone.

Technical indicators show mixed signals, with the MACD losing momentum in the bullish zone and the RSI falling below the 50 level. Derivatives markets reveal strong bullish sentiment among traders, with leveraged long positions reaching $150 million, outpacing short positions which stand at $115 million. This leverage differential indicates that traders are betting on further upside potential but also introduces liquidation risks if the market experiences unexpected volatility.

The upcoming White House Crypto Summit represents a key event for XRP. Ripple CEO Brad Garlinghouse has confirmed his attendance at this high-profile gathering, which will focus on regulatory frameworks and a proposed U.S. crypto reserve. Other industry leaders participating include Coinbase CEO Brian Armstrong and MicroStrategy’s Michael Saylor. Discussions will focus on regulatory frameworks and a proposed U.S. crypto reserve.

XRP has outperformed Bitcoin ahead of the