Ripple CEO Sparks Optimism as Senate Summit Fuels XRP Bull Trend

- XRP nears $2.34 resistance amid Senate testimony buzz. - Ripple CEO Garlinghouse joins Web3 dialogue in Washington. On July 9, 2025, Cointelegraph reported that Ripple CEO Brad Garlinghouse testified before the US Senate Banking Committee at a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.” The summit, which marked a pivotal moment for regulatory discussions in the cryptocurrency industry, also featured other key figures such as Blockchain Association CEO Summer Mersinger and Chainalysis CEO Jonathan Levin. The event has sparked optimism among financial analysts who track XRP, Ripple’s native cryptocurrency, as its recent market performance shows bullish indicators. These include an upward shift in the 20-day exponential moving average and positive momentum on the Relative Strength Index (RSI). If trading continues above the critical $2.34 resistance level, it could prompt further gains, with projections targeting $2.48 and $2.65. In addition, technical analysis adds to the positive outlook, revealing a completed inverse head-and-shoulders pattern on the 4-hour chart. Analysts project a breakout above $2.34 could drive rallies to $2.48 and potentially $2.76. However, they also caution against downside risks. A move below the moving averages could trigger a “bull trap,” leading to declines toward $2.00 or lower, and a significant drop below the 50-day simple moving average (SMA) would negate the short-term bullish outlook entirely. Garlinghouse’s testimony comes at a crucial time for the crypto sector, as ongoing regulatory uncertainty in the United States continues to influence market dynamics and operational strategies. His participation underscores Ripple’s commitment to engaging with policymakers and shaping the conversation around digital asset regulation. As of 21:15 UTC on July 9, XRP was trading at $2.40. According to data from CoinMarketCap, this price reflects a 4.13% increase in 24-hour trading volume.