XRP Advances 2.6% Amid Rising Institutional Demand and Ripple CEO’s Senate Testimony
During the July 9–10 trading session, XRP gained 2.6%, reaching an intraday high near $2.46 before easing slightly on late profit-taking. The token traded within a range of $2.35 to $2.44, showing moderate volatility of 3.85% over 23 hours.
A surge in trading volume, peaking at 78.3 million tokens around 07:00 UTC on July 10, helped XRP break through key resistance at $2.43. However, price action met strong resistance just below $2.46, prompting a pullback as the session closed.
Institutional Interest Hits Record Levels
Institutional accumulation continues to grow, with 2,743 wallets now holding over 1 million XRP each, collectively accounting for 47.32 billion tokens. Daily trading volumes rose 74% to $4.54 billion, reflecting heightened confidence in XRP amid ongoing regulatory developments.
On July 9, Ripple CEO Brad Garlinghouse appeared before the U.S. Senate Banking Committee, advocating for clear crypto regulations and highlighting XRP’s compliance across more than 60 jurisdictions worldwide.
Technical Summary
- XRP price climbed from $2.38 to $2.44 between July 9, 13:00 UTC and July 10, 12:00 UTC.
- The breakout above $2.43 coincided with a volume spike to 78.3 million tokens.
- Resistance near $2.46 capped gains, leading to a modest pullback late in the session.
- Support levels around $2.35–$2.36 held firm during the session and were tested again near $2.44.
What to Watch
- A sustained move above $2.46 with strong volume could target higher resistance levels around $2.60 and beyond.
- Failure to maintain support near $2.44 could see prices retest lows near $2.35–$2.38.
- RSI indicators suggest XRP is nearing overbought conditions but show no immediate bearish divergence.
- Regulatory clarity remains a key factor that could influence XRP’s trajectory.
