XRP Breaks Out as U.S. Lawmakers Push Crypto Bills, Institutional Selling Caps Rally
XRP posted a 4% gain over the past day, breaking through a key multi-year technical pattern amid renewed legislative momentum and institutional interest in the U.S. digital asset market.
During the 24-hour trading window ending July 23 at 02:00 UTC, XRP traded between $3.42 and $3.57, closing at $3.51. The surge followed a confirmed breakout from a six-year symmetrical triangle and came as U.S. lawmakers advanced the GENIUS and CLARITY Acts, signaling growing regulatory clarity for crypto assets—including XRP.
Meanwhile, ProShares launched the first XRP futures ETF, marking a significant step toward broader institutional exposure. Analysts responded to the technical breakout and regulatory tailwinds by raising short-term price targets to $6.00, with some projecting long-term potential up to $15.00.
Market Action & Technical Setup
- Breakout Confirmation: XRP cleared triangle resistance near $3.00 earlier this week, peaking at $3.64 before consolidating.
- Intraday Surge: Between 17:00 and 18:00 UTC, XRP spiked above $3.52 on volume of 106.4 million, about 52% higher than the daily average.
- Late Selloff: Selling pressure emerged in the final hour, with a sharp drop of 2.25 million XRP between 02:02–02:03 UTC pulling prices back to $3.50.
- Support & Resistance: $3.42 held as strong support; $3.57 remains a key resistance level.
- Momentum Indicators: RSI and MACD remain neutral, pointing to possible short-term consolidation.
Regulatory and Institutional Drivers
- Congress’s advancement of key crypto bills suggests growing bipartisan support for a defined regulatory framework.
- ProShares’ ETF launch adds momentum to XRP’s institutional narrative, opening the door to more regulated investment products.
Key Levels & Outlook
Traders are watching whether $3.50 can hold as psychological and technical support, especially amid profit-taking and post-ETF volatility. Market participants are also monitoring ETF inflows and further legislative developments, which could reinforce the breakout’s staying power.
