XRP Hits $2.35, Then Dips as Senate Testimony Looms

TL;DR

• Ripple CEO to testify as lawmakers debate XRP’s future under SEC or CFTC oversight.
• The asset token forms a bullish inverse head-and-shoulders pattern with analysts predicting a 12% breakout.
• Court denies Ripple-SEC settlement; Senate hearing and Crypto Week may shape XRP’s classification.

Garlinghouse Will Testify Before the Senate

Ripple CEO Brad Garlinghouse is set to testify before the Senate Banking Committee on July 9. The hearing, titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” will explore how digital assets are traded and regulated in the United States.

Garlinghouse confirmed his participation via X, stating he would speak on the need to pass legislation that defines crypto market structure. He will feature along with Summer Mersinger of Blockchain Association, Chainalysis co-founder Jonathan Levin, and Paradigm partner Dan Robinson. Lawmakers are expected to revisit key questions about oversight, including whether assets like XRP fall under the CFTC or SEC.

https://twitter.com/bgarlinghouse/status/1942275624778776736?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

XRP Breakout Signals 12% Surge

XRP’s price jumped to $2.35 between July 7 and 8 after a sharp rise in trading volume. More than 182 million XRP traded hands during the rally. The price later settled around $2.26, reflecting a slight 0.3% dip in the past 24 hours.

Despite the retreat, crypto analyst Ali Martinez said on X,

“$XRP is breaking out!”

He noted that the token has formed an inverse head-and-shoulders pattern, often viewed as a bullish signal. Martinez said that this setup could lead to a 12% upside in the short term.

https://twitter.com/ali_charts/status/1942340095383584780?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

Meanwhile, traders are watching closely ahead of the Senate hearing. Some expect clearer legal definitions to emerge around XRP’s status. Support for the CLARITY bill, which aims to define regulatory boundaries for digital tokens, could shape how XRP is treated going forward.

Ripple-SEC Case Nears Final Chapter

Garlinghouse’s appearance follows Ripple’s recent decision to withdraw its cross-appeal in its legal case with the SEC. The decision came after Judge Analisa Torres ruled that XRP sales on secondary markets were not unregistered securities. A $125 million penalty tied to earlier sales remains in place.

Both Ripple and the SEC filed a motion to end the case and reduce penalties, but the court denied it. Judge Torres said only the court can revise a ruling. The SEC has not yet confirmed if it will drop its own appeal.

Upcoming Crypto Week May Drive Policy Shift

In addition, the Senate hearing sets the tone for the House’s “Crypto Week,” which begins July 14. Lawmakers will discuss three bills: one on stablecoins, one on market structure, and one addressing central bank digital currencies.

The market structure bill, known as CLARITY, could define how crypto assets are regulated. Ripple may benefit if XRP is officially treated as a commodity. That would put it under CFTC rules and remove lingering questions about its classification.

The post XRP Hits $2.35, Then Dips as Senate Testimony Looms appeared first on BitcoinLinux.