XRP Eyes $3 Breakout as Ripple Case Reaches U.S. Senate Spotlight

XRP is once again in the spotlight as Ripple CEO Brad Garlinghouse prepares to testify before the U.S. Senate Banking Committee, a development that could have major implications for the cryptocurrency market. Garlinghouse’s testimony is expected to focus on the SEC’s legal battle with Ripple and the broader regulatory uncertainty surrounding digital assets in the U.S.

This comes at a time when the crypto community is closely watching the Securities and Exchange Commission (SEC) for a potential decision on whether to withdraw its appeal in the XRP case. If the appeal is dropped, analysts say it could pave the way for the approval of a U.S.-based XRP spot ETF, which may significantly boost market demand.

Ripple CEO to Address Regulatory Challenges in Senate Hearing

On Wednesday, July 9, Brad Garlinghouse will speak before the Senate Banking Committee in a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.” His statement will emphasize how unclear regulations have stifled innovation in the U.S. crypto sector and how Ripple has faced challenges due to what he calls “regulation by enforcement.”

“Ripple was the tip of the spear,” Garlinghouse said. “We were the first major U.S. crypto company sued by the SEC, and we prevailed. The court ruled that XRP is not, in and of itself, a security.”

His comments are expected to draw attention to the SEC’s ongoing appeal regarding programmatic XRP sales and Ripple’s own move to withdraw its cross-appeal. A resolution could influence the SEC’s stance on a potential XRP ETF.

XRP Price Targets $3 as ETF Buzz Builds

XRP closed at $2.311 on Tuesday, July 8, gaining 1.74% and outperforming the broader crypto market’s 0.93% increase. With growing optimism over a potential ETF and the SEC vote, XRP could be poised to retest key resistance levels.

Technical indicators show that if XRP can break above the recent high of $2.3539, it could move toward $2.6553. Sustained momentum above that level would bring the $3 mark—and possibly the 2025 high of $3.3999—within reach.

However, a downside move below the 50-day EMA could push XRP toward the $2.20 support level, with the 200-day EMA acting as the next line of defense.

ETF Developments Could Drive XRP and Broader Market

The broader crypto market is also eyeing potential ETF, Truth Social, the social platform linked to Donald Trump’s Media and Technology Group, filed for a new Crypto Blue Chip ETF—one that would include XRP among other leading assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Last week, the SEC also approved a rule change for Grayscale’s Digital Large Cap Fund (GDLC), which includes XRP. Although the ETF is not yet trading, these developments suggest growing institutional interest in diversified crypto exposure, including XRP.

If the SEC withdraws its XRP appeal, it could remove a major roadblock to spot XRP ETFs starting in the U.S., potentially unlocking significant capital inflows.

Bitcoin Targets $110,000 as U.S. Lawmakers Tackle Crypto Bills

While XRP prepares for a breakout, Bitcoin (BTC) is pushing higher amid key legislative developments in Washington. On July 9, the Senate Banking Committee will also discuss the broader digital asset market.

Meanwhile, the House is scheduled to vote on three crypto-related bills the week of July 14:

• The CLARITY Act

• The Anti-CBDC Surveillance State Act

• The GENIUS Act

Passage of these bills could fast-track debate on the Bitcoin Reserve Act, proposed by Senator Cynthia Lummis. The bill seeks to authorize the U.S. government to acquire one million BTC over five years—a move that could dramatically alter the supply-demand balance.

BTC is currently trading just below $109,000 and could target its all-time high of $111,917 if momentum continues. Net inflows into spot Bitcoin ETFs also reflect growing institutional interest.

On July 8, the U.S. spot Bitcoin ETF market reported $8.5 million in net inflows, including $4.8 million into Fidelity’s FBTC, suggesting strong investor confidence.

Outlook: XRP and BTC Poised for Breakouts If Momentum Holds

Both XRP and Bitcoin are showing bullish patterns as legal clarity and institutional developments unfold.

For XRP, the Senate hearing and pending SEC decision on the XRP appeal will be critical. A favorable outcome could trigger a move beyond $3, especially with multi-asset ETFs on the horizon.

For Bitcoin, legislative momentum and ETF inflows are supporting its push toward $110,000, with potential upside if crypto-friendly bills pass and global demand continues to climb.

Investors will be watching closely over the next several days as these developments unfold. If bullish conditions persist, both assets may be poised to set new 2025 highs.