 ▲ Bitcoin (BTC), XRP, U.S. Dollar (USD) / ChatGPT-generated image |
The cryptocurrency market has overcome geopolitical risks in the Middle East and entered a rebound phase, with XRP (XRP) drawing investor attention as it posts strong gains in tandem with Bitcoin’s reclaiming of the $70,000 level.
According to crypto media outlet CoinGape on March 2 (local time), XRP surged more than 5% on the day, recovering the $1.35 level. The rally has largely offset the weekend losses triggered by tensions between the United States and Iran, as Bitcoin (BTC) regained the $70,000 milestone and improved overall market sentiment. In particular, XRP successfully defended the key support level at $1.30 and is leading the altcoin rally amid heavy accumulation by whale investors.
One of the key drivers behind XRP’s price increase is the rise in open interest in the futures market. According to CoinGlass data, XRP’s open interest jumped about 10% in a single day, demonstrating strong investor participation. This suggests not only price appreciation but also active capital inflows positioning for further volatility ahead. Optimism is also spreading that the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is nearing a final conclusion, raising expectations of institutional capital inflows and pushing prices higher.
On-chain data indicates notable whale activity as well. Over the past 24 hours, approximately 150 million XRP have been moved to large wallets, reducing circulating supply in the market and helping establish downside support. Crypto analysts suggest that if XRP maintains its current momentum and breaks above the $1.40 resistance level, a rapid move toward $1.60 could follow in the short term. Retail investors are also joining the buying trend as the market sentiment index recovers from fear to neutral.
Technical upgrades to the XRP Ledger are also acting as positive catalysts. Recently introduced smart contract functionality and discussions around staking are prompting a reassessment of XRP as a multifunctional platform asset rather than merely a payment token. Such ecosystem expansion is expected to lay the groundwork for long-term value growth and enhance competitiveness with major assets like Ethereum (ETH). The market is now focused on whether XRP can sustain an independent bullish rally amid Bitcoin’s stable performance.
The XRP market appears to have largely priced in geopolitical uncertainties while consolidating new support levels. Whether Bitcoin firmly holds above $70,000 is expected to determine the broader direction of the altcoin market, with XRP showing one of the strongest rebound capacities among them. Future price movements are likely to depend on whale transaction flows and further developments related to the lawsuit. Investors are closely monitoring key resistance breakouts while remaining cautious of heightened volatility.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. The publisher is not responsible for any investment losses incurred based on this content.