Ripple: Letter to Congress Stirs the Crypto Market

At the beginning of June, more than 200 crypto companies and industry groups — including Coinbase, Andreessen Horowitz and Ripple Labs — sent a letter to Senate Majority and Minority Leaders John Thune and Chuck Schumer, urging them to bring the Digital Asset Market Structure Bill (Clarity Act, H.R. 3633) to a vote without delay, according to Bloomberg Government. The bill has already passed the Senate Banking Committee, and its further progress is being viewed by market participants as a potential step towards a clearer regulatory framework for digital assets in the United States, which could further support institutional interest in Ripple.

Technical Picture

On the H4 chart, Ripple (XRP/USD) has formed a corrective bullish structure, advancing towards the current resistance area where a local peak was established. Following the pullback, the price moved below the POC zone of the current market profile and is attempting to break the trendline of the upward structure. At present, the price has almost reached the nearest support level around $1.125. Above the market lies a fairly significant resistance zone, consisting of the POC area at $1.179–$1.181 and the lower boundary of the profile at $1.175.

Should the price manage to overcome this barrier, it would face another strong resistance area formed by the upper boundary of the profile at $1.265 and the local high at $1.290, where substantial climactic volume was previously recorded. RSI + MAs shows readings of 39, 47 and 51. The indicator does not yet provide clear signals, suggesting that it is still premature to speak of a confirmed trend breakout.

Key Takeaways

Ripple remains at a point of uncertainty, as the fundamental positive sentiment surrounding the Clarity Act has yet to be confirmed by the technical picture. The market is awaiting the Senate's decision, which could play a major role in determining the asset's direction in the near future.

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