XRP Trading Volume Surges 66%! Market Buzzes Amid CLARITY Act Expectations

▲ XRP/AI Generated Image ©

XRP (Ripple) surged by nearly 4% in a single day, fueled by expectations of US regulation. The market is seeing progress on the US crypto market structure bill, the CLARITY Act, leading to expectations that it could alleviate regulatory risks, which have been XRP's biggest uncertainty.

According to CoinMarketCap, a cryptocurrency market tracking site, on May 15 (local time), XRP recorded a 3.85% increase over 24 hours, reaching $1.49. Analysis suggests that this surge was primarily driven by the US Senate Banking Committee passing the US crypto market structure bill, the CLARITY Act, with 15 votes in favor and 9 against, moving it to the full Senate.

The media reported that the bill clarifies the regulatory authority over digital assets between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The market paid attention to the possibility that the burden of regulatory uncertainty, which XRP had long carried, might ease, and in this process, trading volume also surged by 66%, leading to a price breakout. XRP appears to be breaking out of its recent sideways trading range, fueling expectations of a short-term bullish trend.

In the derivatives market, the inflow of speculative funds has also expanded again. Based on Binance, XRP's open interest increased to approximately $475.4 million, surpassing its 30-day average. The media analyzed that the expansion of leveraged positions played a role in amplifying the price increase. Simultaneously, on the XRP Ledger (XRPL) network, over 2,600 new accounts are being created daily, and high trading volumes are maintained, indicating continued fundamental network growth.

Technically, whether major resistance is broken is considered a key variable. XRP has currently broken through its 7-day and 30-day moving averages and the $1.47 Fibonacci resistance level. The market views a successful consolidation in the $1.45-$1.50 range as a short-term turning point, and if this range is maintained, a next target price of $1.60 is discussed. Conversely, if it falls below $1.45, there is a possibility of retesting the $1.43 support level.

The media assessed that the current XRP trend is a result of regulatory tailwinds, derivatives market capital inflow, and network growth all converging simultaneously. However, for the upward trend to continue, consolidation at $1.50 on a weekly basis, with sustained trading volume, is necessary, and the outcome of the vote on the US crypto market structure bill, the CLARITY Act, in the upcoming full US Senate session is expected to be the next key variable.

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