XRP news: Price holds above $2.27 as breakout hopes rise ahead of Ripple CEO Senate hearing
XRP coils near $2.27 as on-chain flows and Senate hearing fuel breakout hopes
XRP is holding near $2.27 as of July 8, supported by rising on-chain inflows and early bullish technical signals. After weeks of rangebound action, the token has reclaimed its 20 and 50-day exponential moving averages (EMAs) and is now challenging the 100 EMA around $2.28–$2.29.
Highlights
- XRP holds near $2.27 with rising momentum and fresh reclaim of 100 EMA
- On-chain inflows spike by $13.7M as accumulation resurfaces
- Ripple CEO to testify before U.S. Senate, spotlighting regulatory clarity
Price is also hugging the upper Bollinger Band on the daily chart, signaling a potential volatility expansion. These early technical developments point to renewed upside potential if XRP can break through the nearby supply zone.
XRP price dynamics (Source: TradngView)
The price structure shows XRP coiling within a symmetrical triangle, with the upper boundary near $2.30 now under pressure. A confirmed daily close above this confluence could initiate a push toward the broader resistance range between $2.48 and $2.62. This region has historically capped price action, marking it as the next major hurdle. Short-term indicators reinforce this view, with RSI on the 30-minute chart rising toward 59 and MACD turning positive. As long as XRP maintains its stance above the $2.20–$2.25 support cluster, bullish momentum appears intact.
Parabolic SAR dots have flipped below price on the intraday chart, and XRP remains above VWAP and session midlines—further confirming strength in lower timeframes. The next short-term upside targets lie between $2.34 and $2.36. Failure to break above $2.30, however, could lead to a retracement toward the reliable support zone between $2.05 and $2.15. A deeper move toward $1.88 remains a risk if that zone fails.
Ripple CEO’s Senate testimony in focus
Market sentiment may find fresh fuel from the upcoming testimony of Ripple CEO Brad Garlinghouse before the U.S. Senate Banking Committee. Scheduled for Wednesday, this session will address regulatory clarity around digital assets, a central pillar of Ripple’s long-term positioning. Given the backdrop of regulatory ambiguity in the U.S. crypto market, this event could provide a catalyst for renewed investor confidence in XRP.
The hearing comes as XRP experiences a $13.7 million on-chain inflow spike—its most notable since early spring suggesting possible institutional repositioning. If Garlinghouse’s testimony receives a favorable reception from lawmakers or triggers regulatory headlines, it could bolster buying activity and improve the odds of a clean technical breakout above $2.30.
Outlook points to cautious optimism above $2.30
The confluence of technical support, expanding volume, and a shifting regulatory narrative has placed XRP at a potentially decisive juncture. A confirmed daily close above $2.33 would likely attract follow-through buying and open the path toward the next supply wall near $2.62. On the downside, a drop below $2.15 would invalidate the bullish setup and signal a return to consolidation. Until then, the short-term bias remains tilted in favor of buyers.
In earlier coverage, we noted XRP's constructive structure above the 20 and 50 EMAs and the importance of the $2.20–$2.25 support zone. Today’s setup builds on that analysis, with added on-chain accumulation and a regulatory catalyst increasing the probability of a breakout beyond $2.30.
