XRP Faces bearish Pressure Amid Crypto Summit Speculations
XRP’s price has taken a hit,losing 25% from its peak this year. It’s now trading at $2.50, signaling a technical bear market. This downturn comes as investors await the White House crypto summit. The event will reveal Donald Trump’s plans for a strategic crypto reserve.
Trump has hinted at favoring Bitcoin, Ethereum, Ripple, solana, and Cardano. Though, he only signed for a Strategic Bitcoin Reserve so far. Analysts are skeptical about an XRP reserve,with a Polymarket poll showing only a 29% chance.
popular analyst Willy Woo argues against an XRP reserve, stating it lacks the neutrality of Bitcoin.tyler Winklevoss agrees, emphasizing bitcoin’s proven store of value. The divided congress also poses a challenge for creating an XRP reserve.
On the luminous side, the odds of a spot ETF approval by the SEC are high, at nearly 80%. There’s also hope the SEC will end its litigation against Ripple Labs.
Technically, XRP has formed a bearish head and shoulders pattern. This suggests a potential drop to the 61.8% retracement at $1.6215, and possibly further to $1.1340.
