TL;DR
- Ripple CEO to testify as lawmakers debate XRP’s future under SEC or CFTC oversight.
- XRP forms a bullish inverse head-and-shoulders pattern with analysts predicting a 12% breakout.
- Court denies Ripple-SEC settlement; Senate hearing and Crypto Week may shape XRP’s classification.
Ripple CEO Brad Garlinghouse is set to testify before the Senate Banking Committee on July 9. The hearing, titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” will explore how digital assets are traded and regulated in the United States.
Garlinghouse confirmed his participation via X, stating he would speak on the need to pass legislation that defines crypto market structure. He will feature alongside Summer Mersinger of Blockchain Association, Chainalysis co-founder Jonathan Levin, and Paradigm partner Dan Robinson. Lawmakers are expected to revisit key questions regarding oversight, particularly whether assets like XRP fall under the purview of the CFTC or SEC.
I am honored to be invited to testify in front of the Senate Banking Committee this Wednesday on the need for passing crypto market structure legislation. Thank you to @BankingGOP Chairman @SenatorTimScott, @SenLummis and @SenRubenGallego (as leaders of the Subcommittee for…
— Brad Garlinghouse (@bgarlinghouse) July 7, 2025
XRP Breakout Signals 12% Surge
XRP’s price surged to $2.35 between July 7 and 8, propelled by a significant increase in trading volume, with over 182 million XRP trading hands during the rally. The price later settled around $2.26, reflecting a slight 0.3% dip in the past 24 hours.
Despite this retreat, crypto analyst Ali Martinez noted on X,
“$XRP is breaking out!”
He indicated that the token has formed an inverse head-and-shoulders pattern, which is often considered a bullish signal, suggesting a potential 12% increase in the short term.
$XRP is breaking out! pic.twitter.com/y5S8LdYgXG
— Ali (@ali_charts) July 7, 2025
As the Senate hearing approaches, traders are keenly observing for clearer legal definitions regarding XRP’s status. There is anticipation that support for the CLARITY bill, which aims to outline regulatory boundaries for digital tokens, could influence how XRP is classified moving forward.
Ripple-SEC Case Nears Final Chapter
Garlinghouse’s upcoming testimony coincides with Ripple’s recent decision to withdraw its cross-appeal in the ongoing legal battle with the SEC. This decision followed Judge Analisa Torres’s ruling that XRP sales on secondary markets do not constitute unregistered securities. However, a $125 million penalty related to earlier sales remains intact.
Both Ripple and the SEC have filed motions to conclude the case and reduce penalties, but the court has denied these requests, asserting that only the court has the jurisdiction to revise its ruling. The SEC has yet to announce whether it will proceed with its own appeal.
Upcoming Crypto Week May Drive Policy Shift
Furthermore, the Senate hearing will set the stage for the House’s “Crypto Week,” which commences on July 14. During this week, lawmakers will discuss three significant bills: one covering stablecoins, another addressing market structure, and a third related to central bank digital currencies.
The market structure bill, known as CLARITY, could play a crucial role in defining how crypto assets are regulated. Ripple stands to gain significantly if XRP is ultimately categorized as a commodity. Such a classification would place it under the CFTC’s regulations and potentially resolve ongoing uncertainties regarding its legal status.
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