XRP Price Eyes $3.10 Breakout as Ripple Urges Senate to Drop Risky Token Rule
Ripple is back in the regulatory hot seat – this time responding to the U.S. Senate’s draft Crypto Market Structure Bill.
Quick overview
- Ripple is responding to the U.S. Senate's draft Crypto Market Structure Bill, advocating for clearer regulatory guidelines.
- The company criticizes the bill for creating ambiguity regarding the SEC and CFTC's authority over digital assets, increasing legal risks.
- Ripple recommends eliminating the 'ancillary asset' model and aligning the bill with the CLARITY Act to foster innovation.
- As Ripple seeks regulatory clarity, XRP's price remains uncertain, trading at $2.95 with potential for both bullish and bearish scenarios.
Ripple is back in the regulatory hot seat – this time responding to the U.S. Senate’s draft Crypto Market Structure Bill. With over a decade of regulatory experience under its belt, Ripple is urging lawmakers to adopt clear, innovation-friendly rules instead of vague language.
In a formal response to the Senate Banking Committee’s Request for Information (RFI), Ripple’s Chief Legal Officer Stuart Alderoty criticized the draft’s approach to digital asset classification.
Specifically, Ripple says the bill muddles the waters instead of clarifying who, between the SEC and CFTC, has authority over which digital assets. That ambiguity only increases legal risks for developers and investors.
Ripple also aimed the bill’s proposal to define “ancillary assets” – a loosely defined category that could put established projects like XRP, Ethereum, and Solana under ongoing SEC scrutiny. According to Ripple, this model invites inconsistent enforcement and stifles long-term innovation.
Ripple’s key recommendations:
- Get rid of the ancillary asset model
- Align the bill with the CLARITY Act
- Exempt tokens active on public blockchains for over five years
- Make federal rules trump state laws
The goal? A fair and predictable regulatory framework that protects investors without freezing the future of blockchain tech in red tape.
XRP Price Stuck Below Key Resistance
As Ripple pushes for clarity in Washington, XRP/USD price is reflecting its own uncertainty. The token is currently trading at $2.95, down 2.8% in the last 24 hours, with daily volume at $5.3 billion. It bounced sharply from the $2.72 support zone on August 2 but the momentum is stalling.
On the technicals, XRP is stuck below two key levels: the 50-EMA ($2.98) and 100-EMA ($3.01) on the 2-hour chart. The recent rally failed at $3.08 – now resistance – where a descending trendline meets the horizontal supply.
Candle patterns near $2.95 are showing indecision, with small bodies and long wicks – signs that bulls are hesitating. The RSI is also neutral, around 49, with no directional bias.
XRP/USD Trade Setup: Breakout or Breakdown?
XRP is in a tightening wedge and technicals are waiting for a breakout or breakdown. Patience may be the best trade right now.
Two trade scenarios:
- Bullish: Wait for a 2-hour close above $3.08 and trendline resistance. Target $3.18 with stop-loss below $2.93.
- Bearish: If XRP breaks $2.89, it’s likely to slide to $2.81 or $2.72.
With Ripple in the news in D.C. and XRP coiled technically, the next breakout may be driven by policy as much as price.
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