Ripple CEO Brad Garlinghouse will testify before the Senate Banking Committee to discuss cryptocurrency regulations, including XRP.
Garlinghouse Will Testify Before the Senate
On July 9, Brad Garlinghouse will testify before the Senate Banking Committee at a hearing titled "From Wall Street to Web3: Building Tomorrow's Digital Asset Markets." The hearing will explore how digital assets are regulated in the U.S. Garlinghouse confirmed his participation and emphasized the need for legislation that defines the crypto market structure. Other participants include Summer Mersinger and Chainalysis co-founder Jonathan Levin.
XRP Shows Potential for Growth
Between July 7 and 8, XRP's price surged to $2.35, attributed to a spike in trading volume of over 182 million XRP. Despite a slight dip to $2.26, analysts like Ali Martinez noted that XRP formed an inverse head-and-shoulders pattern, potentially leading to a 12% growth in the short term. Some traders are awaiting clearer legal definitions regarding XRP's status ahead of the Senate hearing.
Ripple-SEC Case Nears Final Chapter
Garlinghouse's appearance comes as Ripple withdrew its cross-appeal in its legal case against the SEC. This decision followed Judge Analisa Torres's ruling that XRP sales on secondary markets are not considered unregistered securities. The court denied a motion to end the case and reduce penalties, maintaining a $125 million penalty from earlier sales.
The Senate hearing and upcoming 'Crypto Week' in Congress could significantly influence the future regulation of XRP and other digital assets in the U.S.
