XRP Price Rises as Ripple and Other Crypto Companies Meet in Senate

XRP price jumped 6% in the last 24 hours to trade at $2.46 on a 58.51% increase in its daily trading volume to $4.07 billion.

This price rise comes as Ripple, along with Coinbase and other major crypto companies, prepare to meet with U.S. Senate Democrats to discuss clearer regulations and pending approvals for crypto exchange-traded funds (ETFs).

According to a recent report, the closed session aims to help lawmakers understand how clearer policy can support innovation while protecting investors. The meeting comes at a crucial time for the industry as regulators weigh one-time approvals of crypto ETFs following earlier approvals of Bitcoin and Ethereum futures products.

XRP Price Demand Increases as Investors Anticipate Policy Change

XRP’s on-chain metrics show that demand for the crypto is strengthening despite near-term volatility. On-chain data indicates a steady increase in portfolio activity and accumulation over the past few weeks, suggesting that long-term holders are increasing their positions rather than selling during rallies.

Source of active XRP addresses: CryptoQuant

Large wallet addresses, often considered “smart money,” have moved XRP from exchanges to private wallets. This trend reduces the supply available on trading platforms, a bullish sign that suggests investors are expecting higher prices in the future.

Transaction volumes on the network have also improved slightly since the beginning of October. Developers continue to expand Ripple’s blockchain capabilities through partnerships focused on tokenized assets and stablecoin projects.

Confidence is also supported by the inclusion of XRP in several ETF discussions. While there is no spot XRP ETF yet, any indication that such a product might be in the cards could spark renewed market enthusiasm, similar to the rallies seen when news of the Ethereum and Solana ETFs first emerged.

XRP Price Holds Key Support Ahead of Senate Meeting

On the technical side, XRP remains stable above key support levels. The crypto is currently trading near $2.47just below the 50-day simple moving average (SMA) at $2.82 and slightly below the 200-day SMA at $2.59.

These two averages have recently converged, creating a narrow trading zone that often precedes a strong directional move. The 200-day line at $2.59 provides immediate resistance, while the $2.30 to $2.40 region offers near-term support.

As for price structure, XRP recently rebounded from a sharp decline that briefly tested the $1.50 area, which aligns with the 0.618 Fibonacci retracement near $1.64. The recovery in this area shows that buyers moved aggressively to defend long-term trend support.

XRPUSDT Analysis source: Tradingview

XRP broke out of a broad downtrend, visible since December 2024, around July and climbed as high as $3.66 in August. Since then, the coin has cooled but remains well above its previous breakout zone. As long as wedge support and the 200-SMA continue to hold, the bullish structure remains intact.

XRP eyes rebound as indicators signal weakening bearish momentum

The relative strength index (RSI) is currently at 41.69, suggesting that XRP is neither overbought nor oversold. This neutral level leaves room for a rebound if buying pressure increases after the Senate meeting.

The MACD line (12, 26) sits at –0.0179, just above the signal line at –0.1245, suggesting bearish momentum is fading. A confirmed bullish crossover could attract new buyers targeting the $2.80 to $3.00 zone.

Meanwhile, the average directional index (ADX) at 45.78 indicates that the current trend strength is high. If XRP rises above $2.60 with substantial volume, this indicator suggests that momentum could quickly accelerate towards the next significant resistance near $3.48.

If the rally extends beyond that, a retest of $3.66, which is the August high, becomes likely. Above this amount, technical projections point to $4.29 and $5.32 as long-term Fibonacci targets, representing potential gains of 70% to 110% from current levels.

On the downside, if the price fails to hold above $2.30, XRP could return to $2.00 or even $1.64, where strong historical support remains. However, the presence of both moving averages close to current price levels gives the price protection against further pullbacks.

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