TLDR
- XRP is trading at $3.15 on July 30 after a slight 0.22% decline.
- The XRP price recently surged by 61% and touched a high of $3.66 last week.
- Whales have opened over $25 million worth of long positions on XRP ahead of the U.S. crypto policy report.
- The bullish pennant formation suggests a potential price rally toward the $5.96 level.
- The White House is set to release a crypto policy update that could impact XRP’s market outlook.
XRP’s price continues showing resilience, trading at $3.15 despite a 0.22% daily decline on July 30. This minor dip follows last week’s 61% surge when the token peaked at $3.66, sparking fresh bullish momentum. Market participants now anticipate further upside, with renewed optimism surrounding today’s expected White House crypto policy report.
XRP Price forecast, Bulls protect $3.15 as resistance
XRP maintains higher lows after breaking out of a prolonged seven-month consolidation, suggesting an ongoing bullish structure. Despite short-term retracements, the XRP price forecast remains optimistic due to consistent whale activity and strong support levels. Currently, $3.66 stands as the key resistance, forming after the recent high reached on July 26.
This resistance stems from hesitation around forming new highs, which often causes temporary price stalls or pullbacks. Traders often lock in profits around such levels, but sustained whale interest may break the ceiling. If bulls overcome this level, analysts anticipate a price move targeting the $5.96 mark.
The bullish pennant visible on the daily chart reinforces this projection, supported by its 63% pole height from $2.27 to $3.66. If the breakout occurs, that same 63% rally could extend above current prices. As a result, the XRP price forecast signals a strong potential to rally toward $5.96 if momentum resumes.
Whales open $25M longs ahead of crypto policy update
Whales opened over $25 million in long positions on July 30, showing firm confidence in XRP’s near-term direction. Data from Coinglass reveals that seven out of eight leveraged trades on Hyperliquid are long positions, indicating bullish bias. These positions align with ongoing whale accumulation, often preceding significant rallies.
This increased whale interest comes just hours before the White House crypto policy report is scheduled for release. The report, led by Bo Hines and the Presidential Working Group on Digital Assets, may impact U.S.-based crypto assets. Since XRP originates from the U.S., traders expect the policy to be favorable or neutral for Ripple’s outlook.
Previous chart formations, including a bullish flag, also support continued upside potential toward the $6 region. The MACD, while showing some downside pressure, remains in positive territory, hinting that sellers are still limited. This aligns with the current XRP price forecast, which projects upside once $3.66 is breached.
