XRP Price Eyes Breakout: Ripple Tests $3 on CEO Senate Appeal, Soaring Interest
Ripple’s XRP is showing remarkable resilience and signs of a breakout as Bitcoin’s record-setting rally buoys the broader crypto market.
Quick overview
- Ripple's XRP is showing resilience and potential for a breakout as Bitcoin reaches new all-time highs.
- XRP has consolidated near critical support levels, rebounding from $1.90 to above $2.20, indicating active accumulation.
- There has been a significant surge in XRP derivatives open interest, reflecting growing investor interest and speculative appetite.
- Ripple's leadership is advocating for clearer crypto regulations, which could enhance XRP's adoption and position in the market.
Live XRP/USD Chart
Ripple’s XRP is showing remarkable resilience and signs of a breakout as Bitcoin’s record-setting rally buoys the broader crypto market.
Bitcoin’s Record Surge Energizes Crypto Markets
Bitcoin extended its historic rally this week, printing a new all-time high of $118,661 yesterday. The flagship cryptocurrency’s explosive move continues to set the tone for the entire crypto market, lifting sentiment and pushing investors back into riskier digital assets. Despite this record-setting momentum for Bitcoin, XRP has been carving out its own compelling narrative, demonstrating resilience and the potential for a strong upside breakout as traders look for regulatory clarity and practical adoption.
XRP Tries Upside After Filing at Strong Support
While broader markets have swung between risk-on and risk-off moods, Ripple’s XRP has managed to consolidate near critical support levels. After peaking around $3.40 in mid-January 2025, XRP entered a period of lower highs that reflected cautious investor sentiment amid ongoing regulatory uncertainty and global macroeconomic concerns. Despite these headwinds, the $2 support level has consistently held up, showing that buyers see strong value at this range.
Last week, XRP rebounded sharply from the $1.90 region to push above $2.20, signaling active accumulation at those levels. The move higher has seen XRP reclaim its 20-week simple moving average, which had acted as resistance for months. That technical breakthrough has emboldened bulls and opened the door for further gains. However, the rally has so far stalled just below the $3 mark, with today’s high of $2.98 underscoring how this level continues to act as meaningful resistance that buyers must overcome for a decisive breakout.
Growing Investor Interest and Open Interest Surge
Notably, while Bitcoin continues to hit fresh records, XRP has delivered even stronger percentage gains over the past week, reflecting growing investor interest. Supporting this optimism is a dramatic surge in open interest, with CoinGlass data showing XRP derivatives open interest climbing to $7.2 billion—a monthly high and the largest figure since nearly $8.3 billion in January. This resurgence comes after open interest dipped to just over $3 billion in April, suggesting a substantial return of speculative appetite and trading volume in XRP markets.
Ripple’s Regulatory Push Gains Traction
Beyond market mechanics, Ripple’s leadership is also working to shape the regulatory environment that underpins XRP’s longer-term adoption story. This week, Ripple Labs CEO Brad Garlinghouse appeared before the US Senate Banking Committee to argue for clearer crypto regulations. Garlinghouse emphasized that the lack of regulatory certainty has “prohibited meaningful progress” for the industry and can be weaponized to target responsible actors—a pointed reference to Ripple’s long-running legal battle with the SEC.
Ripple has long positioned XRP as a more institutional-grade cryptocurrency designed to rival SWIFT for cross-border payments. Regulatory clarity could therefore be especially beneficial for XRP relative to more speculative or decentralized projects, potentially paving the way for broader banking adoption and use as a settlement mechanism.
Conclusion: Potential for Breakout Remains
As Bitcoin continues to chart new highs and attract the lion’s share of market attention, XRP’s quiet consolidation and technical strength are drawing closer scrutiny from traders looking for the next major breakout. With resilient support levels, surging open interest, and growing hopes for regulatory clarity, XRP is positioned to benefit if buyers can sustain momentum and finally break the stubborn $3 barrier. For investors, XRP remains a key token to watch as the crypto bull cycle deepens and the broader market narrative evolves.
Ripple XRP Live Chart
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