XRP News Today: XRP Surges 10% to $2.34 Ahead of Ripple CEO's Senate Testimony

XRP, the native token of Ripple, has recently shown signs of a potential breakout, surpassing the $2.34 mark after a prolonged period of sideways movement. This development coincides with Ripple's CEO, Brad Garlinghouse, scheduled to testify before the U.S. Senate Banking Committee. The anticipation surrounding Garlinghouse's testimony has heightened speculative interest in XRP, with traders closely monitoring the price action.

The price movement is supported by a surge in whale activity, with over 219 million XRP, valued at approximately $500 million, being transferred between unknown wallets. Additionally, another large transaction involving 50 million XRP, worth around $113 million, was observed. These movements suggest that significant players may be positioning themselves ahead of potential market-moving news.

Crypto analyst Ali Martinez has noted that XRP is forming an inverse head and shoulders pattern on the charts, a classic bullish signal. If this pattern is confirmed, it could drive XRP's price toward $2.60 in the near term. The price chart indicates that XRP has broken past a long-standing resistance line that has been capping the token's price since January 2025.

XRP's futures market has also seen a significant increase in activity, with trading volume jumping by 87% to $4.72 billion and open interest rising by nearly 4%. The token has attracted fresh capital, with $335 million invested so far this year, and an additional $10.6 million in the past week. This influx of capital suggests growing interest and confidence in XRP's potential.

Garlinghouse's testimony before the Senate Banking Committee is expected to address the need for crypto market structure legislation, which could have broader implications for the cryptocurrency market. While the announcement of his testimony did not immediately impact XRP's price, the long-term effects of his statements could influence market sentiment and drive further price movements.

Despite the potential for a breakout, XRP faces risks, including the possibility of a bearish wedge pattern pulling the price back to $2.16. However, the overall market sentiment for XRP remains positive, with the digital asset outperforming its peers in recent days. The formation of a bullish triangle pattern and the high odds of an ETF approval have further boosted optimism among traders, attracting bullish interest and potentially driving the price toward higher levels.