The post Short Traders Flash 5 Panic Signals after White House Summit appeared on BitcoinEthereumNews.com.

XRP price has faced downside pressure in the wake of the White House Crypto Summit, but a shift in derivatives market trends suggests a potential bullish rebound in the near term. Ripple (XRP) Finds Support at $2.30 as White Summit Disappoints Ripple (XRP) price experienced additional downside pressure on March 8, closing the week in a lukewarm state. The White House Crypto Summit generated significant media attention throughout the week, prompting traders to take strategic positions. Ripple CEO Brad Garlinghouse’s confirmed attendance had raised hopes that the event could yield positive regulatory developments for altcoins, potentially sparking another breakout similar to when former President Trump included XRP in the crypto strategic reserve on Sunday. Ripple (XRP) Price Action However, the outcome of the event was underwhelming, as no significant regulatory clarity emerged, leaving doubts about congressional approval of executive orders. Additionally, bearish macroeconomic data—particularly the U.S. Non-Farm Payroll (NFP) report showing rising unemployment—exerted further downward pressure, preventing XRP from extending gains post-summit. Market volatility in response to these events saw XRP price dip another 2% on Friday, March 7, bringing total weekly losses to 13%. However, bulls staged a mild recovery, triggering a 2% upswing to the $2.34 level at press time on Saturday, March 9. Short Traders Reduce Exposure as White House Summit Ends with no Sell-the-News Triggers Ripple price initially plunged another 3% before stabilizing above $2.30, but key derivatives market metrics suggest that the majority of short traders had positioned for a much deeper correction on Friday. As these traders adjust their overleveraged positions, XRP price could inadvertently score mild gains over the weekend. 5 critical XRP derivatives trading metrics from Coinglass reinforce this narrative. Firstly, trading volume witnessed a significant 45% decline, a common precursor to momentum shifts. With XRP posting its first green candle in…

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Filed under: News - @ March 9, 2025 3:26 am