Bitcoin has been stuck around the $108K region since the start of the week. However, altcoins have fared much better, with most of them adding over 2% to their values in the last 24 hours.
Ripple’s XRP has continued its recent run as it is currently up 7% in the last few days. The coin could rally higher as suggested by its growing futures Open Interest.
XRP tops $2.3 as investors look forward to Garlinghouse’s testimony before the U.S. Senate
XRP, the native coin of the Ripple ecosystem, added more than 2% to its value in the last 24 hours and now trades above $2.3 per coin. The coin is gaining traction among investors ahead of a crucial event later today.
Ripple’s CEO, Brad Garlinghouse, will testify before the US Senate Banking Committee on July 9, 2025, during a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.”
The session will focus on crypto market structure legislation, including the GENIUS Act and CLARITY Act, aiming to clarify regulatory frameworks for digital assets.
In addition to Garlinghouse, Chainalysis CEO Jonathan Levin, and Paradigm’s Dan Robinson will also speak during the session.
This testimony and the SEC’s upcoming announcement on whether it will withdraw its appeal against XRP are pushing XRP’s price higher.
Furthermore, institutional interest in XRP continues to grow. Data obtained from CoinGlass shows that the value of all XRP futures and options contracts that have not been settled or closed has risen to $4.93 billion after falling to $3.53 billion on June 23.
The rise in Open Interest suggests growing investor confidence, with traders betting on a potential XRP price increase.
These fundamental events could also spark an XRP rally that would allow it to hit the $3 mark for the first time since March 2025.
XRP could rally to $3 as bulls remain resilient
The XRP/USD 4H chart is bullish following the coin’s rally on Tuesday. The pair is also efficient, suggesting that XRP could be gearing up for a breakout soon.
The MACD lines are within the positive zone, while the RSI of 65 suggests that buyers are currently in control.
The chart indicates that XRP is approaching a potential inverse head-and-shoulders pattern breakout, which could see it rally by 18% to $2.76.
If the bulls push harder, XRP would trade above $3 for the first time since March.
The current bullish pattern suggests a potential shift from the downtrend XRP has been in since it reached its all-time high price of $3.40 in January.
Traders will keep an eye on XRP’s trading volume, with an increase indicating the probability of a sustained uptrend.
On the flip side, XRP could struggle to break above the $2.33 resistance level. Failure to do that could see XRP enter a consolidation phase, with a strong support around $2.20.
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