XRP, the native cryptocurrency of the XRP ledger, bounced over 15% on Friday, July 11, outperforming a majority of crypto assets. While the current recovery was initiated with a broader market upswing, the Ripple crypto gained additional momentum with the increasing wallet creation and social media buzz. The rising coin price has offered a decisive breakout from the resistance trend and offered a long-screed continuation pattern signaling the potential for a higher recovery above $3.
XRP Booms to 4-Month High on On-Chain Growth and Regulatory Hopes
Since last week, the XRP price has bounced from $2.126 to the current trading price of $2.80, accounting for a 27.5% surge. The upward momentum appears to align with a broader market rebound, fueled by growing investor optimism ahead of anticipated pro-crypto policy developments expected next week.
Starting Monday, the U.S. House of Representatives will begin debating a series of key crypto-related bills, including the Crypto Bill Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
While the upcoming ‘Crypto Week’ could trigger heightened volatility in the digital market, the XRP price receives support from fundamental growth and traders’ sentiment.
According to the on-chain analytics platform Sentiment, over 6,959 new XRP wallets were created during the recent price jump, which is the highest one-day jump since March-May. Additionally, more than 5.5% of all crypto-related discussions online are centered around XRP, the highest social media dominance level since March 15.
These metrics suggest that XRP is not just rising with the broader market but is gaining traction in user adoption and investor sentiment.
XRP Price Offered Major Breakout From Bullish Pattern
Since mid-January 2025, the XRP price has carried a sustained correction trend, resonating within the two conversion trendlines of a falling wedge pattern. With the recent market recovery, the coin price provided a massive breakout from the pattern’s resistance trendline, accelerating the bullish momentum.
Along with the pattern’s resistance trend line, the price jump also breached the last swing high’s resistance of $2.65, further reinforcing the change in market dynamics. Currently trading at $2, the XRP price faces intense overhead supply at $2.80, evidenced by the long-winded rejection candle. The selling pressure could push the price to $2.65 and validate the potential for a higher rally.
The post-pullback rally could drive a rally to $3, followed by $3.4.
