XRP Breakout Forms Ahead of Senate Oversight Hearing

XRP continues to seize the spotlight in the digital asset space as Ripple’s CEO prepares to testify before the U.S. Senate, marking a major moment in the token’s regulatory journey. This comes amid a strong technical setup for XRP, which recently surged in value and formed a bullish pattern recognized by market analysts.

Ripple CEO to Testify on Crypto Regulation

Ripple’s Chief Executive Officer, Brad Garlinghouse, is set to address the Senate Banking Committee on July 9, during a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.” The discussion will focus on establishing a regulatory framework for digital assets in the U.S., particularly addressing who should oversee digital tokens—either the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

Garlinghouse confirmed his participation through a public post, noting that he will advocate for legislation that clearly defines crypto market structure. He will join industry figures such as Chainalysis co-founder Jonathan Levin, Blockchain Association’s Summer Mersinger, and Dan Robinson of Paradigm to offer testimony on the industry’s needs. Lawmakers are poised to revisit how assets like XRP should be classified and governed under U.S. law.

XRP Rally Sparks Bullish Outlook

Over the weekend, XRP’s value spiked to $2.35, fueled by rising optimism and trading volume exceeding 182 million tokens. Though the price eased back slightly to around $2.26—representing a modest correction of 0.3%—technical analysts remained bullish on its short-term prospects.

Renowned crypto analyst Ali Martinez highlighted an inverse head-and-shoulders pattern on the XRP charts. This formation typically signals a bullish reversal, and Martinez suggested that the pattern could trigger a 12% upward move if confirmed. The current momentum underscores growing investor confidence as regulatory clarity appears increasingly imminent.

Ripple’s Legal Battle Nears Resolution

Garlinghouse’s upcoming Senate appearance follows a key development in Ripple’s long-running legal battle with the SEC. Ripple recently opted to withdraw its cross-appeal after a federal judge ruled that XRP sales on secondary markets were not considered unregistered securities. However, a $125 million penalty linked to past institutional sales remains in place.

Both the SEC and Ripple filed a joint motion seeking to wrap up the case and reduce financial penalties, but the request was denied by Judge Analisa Torres. She emphasized that only the court has the authority to modify rulings at this stage. It remains unclear if the SEC will proceed with its own appeal, leaving some uncertainty about the final outcome.

Crypto Week Could Shape XRP’s Classification

Timing is critical, as these events align closely with the House’s upcoming “Crypto Week,” scheduled to begin July 14. During this session, lawmakers will deliberate on multiple bills, including proposed legislation on stablecoins, market structure, and central bank digital currencies.

The market structure legislation, also known as CLARITY, aims to clearly define the regulatory environment for digital tokens. If passed, it could potentially classify XRP as a commodity—placing it under the CFTC’s jurisdiction instead of the SEC—which would remove long-standing ambiguity surrounding its regulatory status. Such a change could be a pivotal win for Ripple and XRP, especially in light of the evolving U.S. crypto policy landscape.

With Garlinghouse’s Senate testimony imminent and the market structure bill on the table, XRP rests at the center of a crucial moment for digital assets in America. Investors and industry watchers alike will be paying close attention to any signals that might shape the token’s future path.

Related: XRP Price: $12M Max Pain for Bears

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