XRP posted a robust rally in the first three trading days of July, climbing from around $1.03 to as high as $1.18 and recording a gain exceeding 13 percent. This latest surge came amid a broa
XRP posted a robust rally in the first three trading days of July, climbing from around $1.03 to as high as $1.18 and recording a gain exceeding 13 percent. This latest surge came amid a broader recovery sweeping the cryptocurrency market, sparking renewed interest among both retail and institutional investors.
Total cryptocurrency market capitalization rose by 0.86 percent to $2.18 trillion. Bitcoin broke above the $62,000 threshold, while Ethereum surged past $1,700. In the U.S., June employment data came in at 57,000, falling well short of the 110,000 expected, fueling hopes that monetary policy may become more accommodative in the months ahead.
This environment has spurred a fresh appetite for risky assets, with XRP notably benefiting from the positive momentum. The upswing was not confined to short-term price movements alone; regulatory developments also played a crucial role in attracting and sustaining investor attention.
Progress on the CLARITY Act in the U.S. Senate has been a significant factor bolstering the bullish sentiment around XRP. The proposed legislation is viewed as critical for establishing clear regulatory classifications for digital assets under U.S. law.
Market participants reacted favorably to XRP’s prominence in the ongoing debate over whether such digital assets fall under the SEC’s or the CFTC’s jurisdiction. Meanwhile, Ripple co-founder Chris Larsen’s financial stake in the American Perpetuals Exchange Corporation—linked to Senator Kirsten Gillibrand’s son—also made headlines during the same period.
Mini glossary: The CLARITY Act stands out as draft legislation designed to more precisely define which U.S. regulatory body governs digital assets. The SEC oversees securities, while the CFTC supervises commodity derivatives markets in the United States.
Analyst ChartNerd argued that XRP’s chart displays an 8.5-year cup and handle formation. According to the analyst, overlooking the $1 price region may prove costly; if Fibonacci support within the handle area holds, new upward moves toward upper resistance zones could be on the cards.
On July 2, XRP-focused investment products saw single-day net inflows of $6.55 million. Cumulative inflows reached $1.49 billion, with managed net assets recorded at $987.91 million. Meanwhile, spot Bitcoin ETFs attracted $221.72 million, ending a 10-day outflow streak, while spot Ethereum ETFs took in $29.08 million that session.
Data from CryptoRank highlights that July has historically been a strong month for XRP. Since 2013, the asset’s average July return stands at 10.4 percent, and in July 2020, XRP surged more than 48 percent.
Examined on the four-hour chart, XRP traded around $1.1714. The Relative Strength Index spiked to 79.91, signaling overbought territory, while a Chaikin Money Flow reading of 0.21 suggested accumulation continued. In the short term, $1.20 is viewed as key resistance; if surpassed, $1.25 could come into play. On the downside, support is expected at $1.15 initially, followed by $1.10 if the pullback deepens.
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