🚀 XRP Soars to Record High as CEO Brad Garlinghouse Celebrates GENIUS Act Victory

XRP just blasted past its previous all-time high—and Wall Street's skepticism—as regulatory winds shift in crypto's favor.

The catalyst? Ripple's CEO Brad Garlinghouse publicly applauded Congress for passing the GENIUS Act, a move that's got the entire digital asset sector buzzing. (Cue the usual suspects calling it 'legislative pandering' between martini lunches.)

Why it matters: This isn't just another pump. The legislation effectively bypasses legacy finance roadblocks that've plagued crypto adoption—while giving institutional investors fewer excuses to sit on the sidelines.

Zoom out: XRP's surge mirrors Bitcoin's 2024 ETF-fueled rally, proving once again that policy moves move markets faster than any whitepaper. Now watch the 'serious finance' crowd suddenly discover blockchain's potential—right on schedule.

XRP offers signs of extending the rally after passage of key crypto bills

Ripple’s CEO, Brad Garlinghouse, has lauded the passage of the crypto bills, saying via a post on X that “the signing of the GENIUS Act cements the US’s future in being a leader in truly innovative financial technology – stablecoins.”

Apart from XRP, Ripple issues RLUSD, a regulatory-compliant stablecoin designed primarily for institutions. RLUSD is the 16th-largest stablecoin, boasting a market capitalization of $517 million. 

The GENIUS Act is expected to establish a clear regulatory framework for stablecoins at both the federal and state government levels, thereby setting the stage for digital financial technology innovation in the US.

Ripple’s CTO, Stuart Alderoty, also hailed the passage of the GENIUS Act, which heads to US President Donald Trump’s desk for signing, saying that “at long last, there’s movement on workable, clear frameworks for crypto and stablecoins that will both foster innovation and protect consumers.”

Ripple has been working to establish its stablecoin infrastructure, aiming to be competitive with the Global SWIFT system. In June, Garlinghouse stated that the XRP Ledger (XRPL) could capture 14% of SWIFT’s liquidity, serving as a conduit between the traditional financial system and the digital asset economy.

Technical outlook: XRP could extend the price discovery phase

XRP price is currently trading at around $3.44, up slightly on the day at the time of writing. The token tagged a new record high of $3.66, underscoring increasing demand for both retail and institutional investors. 

A Golden Cross pattern on the daily chart validated when the 50-day Exponential Moving Average (EMA) crossed above the 100-day EMA on July 11, cementing the bullish grip.

Additionally, a buy signal maintained by the Moving Average Convergence Divergence (MACD) indicator since June 28 has emboldened risk-on sentiment, calling on traders to increase their exposure.

A daily close above $3.50 could help ascertain the uptrend’s strength. If XRP breaks above the current all-time high of $3.66, a fresh price discovery phase could boost the token higher.

XRP/USDT daily chart

Despite the run-up to new record highs, volume in the spot market remains neutral, indicating that conditions are still favorable for XRP to extend its bullish leg to new levels, targeting $4.00 in the short term.

XRP Spot Volume Bubble Map: Source: CryptoQuant

Meanwhile, the extremely overbought Relative Strength Index (RSI) at 86 signals the possibility of a trend correction, especially if profit-taking activities increase, overshadowing demand. The previous record high at $3.40 serves as tentative support, but if broken, traders will look for support at $3.00, which was tested in early March as resistance, and $2.80, which was tested as support on Tuesday.

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.