XRP surged more than 12% in the past 24 hours, breaking out of its multi-week consolidation pattern as investor optimism returned ahead of a pivotal week for Ripple.
The rally, which pushed XRP to a high of $2.40 Wednesday, comes on the heels of fresh institutional momentum and a headline-grabbing appearance by Ripple CEO Brad Garlinghouse scheduled for later this week on Capitol Hill.
What’s Fueling XRP’s Rally?
Two major catalysts are driving XRP’s bullish move:
- Ripple’s Partnership with BNY Mellon: Ripple confirmed a new custodial services agreement with BNY Mellon, the oldest bank in the U.S. The move is widely seen as a major institutional endorsement for Ripple’s blockchain infrastructure and has sparked hopes of broader Wall Street adoption of XRP-based settlements.
- Senate Testimony from Ripple CEO: Brad Garlinghouse is set to testify before the U.S. Senate Banking Committee later this week. His appearance is expected to spotlight blockchain innovation and regulatory reform—two hot-button issues that could shape XRP’s long-term position in the American financial ecosystem.
Technicals Confirm the Breakout
On the charts, XRP’s 12% daily surge confirms a breakout from the $2.38 resistance zone that previously capped price advances.
Analysts now eye $2.85 as the next key resistance level. A clean move above that threshold could open the door to a retest of the psychologically important $3 mark.
Key levels to watch:
- Support: $2.38 (previous resistance, now support)
- Resistance: $2.85, followed by $3.00
Market Sentiment Shifts Bullish
Derivatives markets are echoing the renewed confidence. XRP perpetual futures open interest jumped over 18% in the last 24 hours, with funding rates turning positive, suggesting long bias is building fast.
Daily trading volumes have also soared, signaling strong market conviction behind the latest price action.
What to Expect from the Senate Testimony?
Garlinghouse is expected to advocate for clearer crypto regulation and outline how Ripple’s blockchain is already being used by financial institutions globally.
Industry observers believe this could set the stage for XRP to be formally integrated into U.S. payment corridors—if Congress moves forward with bipartisan crypto legislation this summer.
The hearing could also mark a reputational turning point for Ripple, which has spent years battling the SEC over XRP’s classification as a security.
Outlook: Can XRP Sustain the Rally?
Whether XRP’s price can move above $2.50 and extend toward $3 will likely hinge on:
- Senate hearing reception and regulatory signals
- Continued institutional adoption headlines
- Momentum in crypto markets more broadly
With bullish sentiment now building, XRP is once again on watch as a top altcoin to lead the next leg of the crypto market’s upside.
FULL COVERAGE: XRP | Cryptocurrency Market
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