Jelly-My-Jelly (JELLY JELLY) has spiked by over 100% over the last hour but the surge in value is triggering a wave of anxiety for Hyperliquid Vault. The automated market maker is in the middle of a short squeeze and could lose a fortune if the Solana memecoin continues to surge.
According to a post by Wu Blockchain, Hyperliquid Vault is facing the possibility of a grim liquidation of its position. The decentralized exchange is in the middle of a short squeeze of JELLY JELLY after taking up the short position from a trader who voluntarily liquidated his position.
At the moment, Hyperliquid Vault is grappling with an unrealized loss of over $9 billion since betting against the Solana memecoin. Hyperliquid will lose over $230 million to the Solana memecoin short squeeze should prices spike to over 1 cent.
“If jellyjelly reaches $0.15374, Hyperliquid Vault will lose its entire $230 million in funds,” said Wu Blockchain.
JELLY JELLY has risen by over 200% at press time and currently trades at $0.04281. Meanwhile, transaction volume has surged by 412% in hours as the battle between the short sellers and long buyers continues to rage. For Hyperliquid, things are even grimmer given the frenetic pace of the Solana memecoin short-squeeze.
Ripple (XRP) price soared to $2.70 on Thursday, surging 19% in 24 hours as investors responded to U.S. trade tariff updates and rising anticipation ahead of the White House Crypto Summit on March 7. With XRP bulls maintaining dominance in derivatives markets, leveraged long positions now total $150 million, signaling continued upside potential.
Ripple (XRP) Outperforms Bitcoin and Ethereum Ahead of White House Crypto Summit
XRP faced stiff resistance at the $3 level after Trump’s announced the strategic crypto reserve on March.
However, renewed volatility from shifting U.S. trade policies has strengthened bullish sentiment leading into the summit. If momentum persists, XRP could challenge long-term resistance above $3.
Ripple (XRP) Price Action
The latest market data indicates a strong influx of buyers, propelling XRP beyond $2.70 as investors execute last-minute trades ahead of today’s high-profile summit.
Ripple CEO Confirms Attendance at White House Crypto Summit
Ripple CEO Brad Garlinghouse confirmed his participation in the White House Crypto Summit, reinforcing the company’s growing engagement with the Trump administration’s digital asset policies.
” I’ve had some new confirmations for Friday’s White House Crypto Summit. As of this morning, invites were still rolling out. .”
FOX report Eleanor Terret Confirmed Ripple CEO Brad Garlinghouse attendance at White House Crypto Summit, in a March 6 post on X.
The summit, led by Trump’s AI and Crypto Czar David Sacks, will feature major industry figures, including Coinbase CEO Brian Armstrong and MicroStrategy’s Michael Saylor. Discussions will center on regulatory frameworks and a proposed U.S. crypto reserve.
Ripple price, already up 19% on Thursday has outperformed Bitcoin’s 4% dip. The affirms investor optimism surrounding the summit’s potential impact on Ripple’s institutional adoption. Analysts suggest a breakout beyond $3 could materialize if policy discussions favor digital asset integration into financial markets.
What is the White House Crypto Summit, and How Could It Be Bullish for XRP?
The White House Crypto Summit is a pivotal event where key industry leaders and policymakers discuss the future of cryptocurrency regulations in the U.S. Topics include the establishment of a national crypto reserve and clearer guidelines for institutional adoption.
For XRP, the summit’s significance lies in its potential to reshape market sentiment. If Ripple gains regulatory clarity or is formally integrated into the proposed reserve, XRP could experience sustained bullish momentum, with traders eyeing a move toward $5.
XRP Liquidation Map | March 6
Going by trends observed in Coinglass‘ latest derivatives market data, majority of XRP short-term traders are anticipated a positive outcome from the summit. As seen in the chart above, XRP long leverage has crossed the $150 million mark at press time on March 6, towering above the active short contracts which currently stands at $115 million. With long leverage outpacing short by more than 20%, the short-term momentum remains largely bullish.
However, if negative readings from Non-Farm Payrolls report overshadow headlines from the White House Crypto summit, XRP price risks rapid corrections if the over-leveraged bulls are liquidated.
XRP Price Eyes $5 as Bulls Retain Control Ahead of White House Crypto Summit
XRP price is holding strong above $2.60, gaining 19% in just two days as technical indicators flash bullish signals. The Parabolic SAR dots remain positioned below price action, confirming the prevailing uptrend, while the MACD histogram shows expanding green bars, signaling strengthening bullish momentum. The MACD line has crossed above the signal line, reinforcing the possibility of a sustained rally.
A decisive close above the $2.70 resistance zone could set the stage for a retest of the psychological $3 level, where prior rejection occurred following Trump’s crypto reserve announcement. If bulls maintain control, breaking past $3 could expose XRP to an extended breakout toward the $5 mark in the coming weeks.
XRP price analysis | XRPUSD
However, failure to hold above the $2.60 level may invite bearish pressure, potentially leading to a retest of the $2.10 support level, where buyers previously stepped in to propel the recent surge.
The increasing leverage in long positions, now at $150 million, suggests that market sentiment is skewed toward the upside, but it also introduces liquidation risks if volatility spikes. As the White House Crypto Summit unfolds, XRP’s reaction to regulatory developments could dictate the next major move, with bullish momentum favoring a continued uptrend.
