XRP News Today: Whale Activity Surges—Can XRP Extend Its Rally? BTC Hits New High

Ripple CEO Brad Garlinghouse Calls on Lawmakers to Pass Market Structure Bill

Ripple CEO Brad Garlinghouse and XRP took center stage on Wednesday, July 9, delivering testimony on Capitol Hill. The Senate Banking Committee hearing titled ‘From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets’ gave the Ripple CEO a platform to press for regulatory reforms and showcase the SEC vs. Ripple case.

Garlinghouse shared the transcript of the testimony ahead of Wednesday’s hearing, which focused on the Ripple case and the SEC’s anti-crypto agenda. He also emphasized XRP’s status as a non-security. Giving further color on the SEC’s actions under former SEC Chair Gary Gensler, Garlinghouse commented:

“Depending upon an SEC and CFTC to work together assumes good faith appointed officials in doing that. What we have seen previously is the SEC actually sowed confusion in the marketplace. They took contradictory positions under Chairman Gensler, they took actually contradictory positions in different court cases, which actually created more confusion.”

Reminding Congress about the US Federal Judges’ criticisms of the SEC’s application of the law, Garlinghouse added:

“And so, you had Federal Judges saying things like the SEC was being arbitrary and capricious in their application of the law. You had Federal Judges saying that they were not following—quote—a faithful allegiance to the law. And so, my concern in depending upon an unelected appointee to make those decisions is that it assumes a good faith actor. And I think, what we saw in the most recent SEC was just a war against the industry at large without a consistent application of that law.”

Crypto Industry Pushes for Safe Passage of The CLARITY Act

The Ripple CEO urged lawmakers to prioritize market structure legislation’s passage to provide the necessary regulatory clarity and framework to ‘catalyze a new era of US competitiveness and unlock efficiencies in financial transactions – dramatically helping customers and businesses alike.’

Other representatives from the crypto community included Jon Levin (Chainalysis), Dan Robinson (Paradigm), and Blockchain Association CEO Summer Mersinger, who posted:

“I’m honored to testify today before the Senate Banking Committee on the urgent need for market structure legislation.”

The Senate Committee on Agriculture, Nutrition, and Forestry has now slated a market structure hearing on Tuesday, July 15, titled ‘Stakeholder Perspectives on Federal Oversight of Digital Commodities.’

The full House will consider the CLARITY Act, also known as the Digital Asset Market Clarity Act of 2025 (H.R.3633), next week, dubbed ‘Crypto Week’.

Will the SEC Vote to Drop Ripple Case Appeal?

Investor focus will return to the Ripple case on Thursday, July 10. The SEC is set to hold its second closed meeting since Judge Analisa Torres rejected the parties’ second motion for an indicative ruling on settlement terms. A vote in favor of withdrawing the appeal against the Programmatic Sales of XRP ruling would enable Ripple and the SEC to file motions to dismiss with the US Court of Appeals and resolve the case.

The shifting regulatory landscape and optimism over the SEC’s potential withdrawal boosted XRP demand. Ahead of the July 9 close, Market Intelligence platform Santiment remarked:

“XRP’s market value has hit a 7-week high, crossing above $2.39 for the first time since May 23rd. What to watch for are the rising number & collective balances of whales holding at least 1M XRP. There are currently 2,742 wallets holding at least 1M XRP, one off from yesterday’s all-time high of 2,743. Additionally, these 1M+ wallets collectively hold 47.32B XRP, as they continue to show confidence in the #4 market cap’s future.”

XRP Price Outlook: Legislation, SEC Appeal Vote, and ETF Headlines

XRP rallied 4.03% on Wednesday, July 9, following Tuesday’s 1.74% gain, closing at $2.4056. The token outperformed the broader crypto market, which advanced 2.64%, lifting the total crypto market cap to $3.42 trillion.

XRP’s near-term price outlook hinges on the SEC’s appeal vote, the CLARITY Act’s progress, and US XRP-spot ETF developments.

A breakout above the July 9 high of $2.4285 could open the door to retesting the May high of $2.6553. A sustained move through $2.6553 may enable the bulls to target $3 and the 2025 high of $3.3999.

Conversely, a drop below $2.3 could expose the 50-day EMA and potentially the crucial $2.2 support level.

Explore our full XRP forecast here for key breakout zones and timing insights.

Bitcoin Hits All-Time High as Markets Brush Aside Trump’s Tariff Threats

While XRP hit a seven-week high, bitcoin (BTC) soared to a new all-time high of $111,961 (Binance Exchange) on July 9. Rising hopes of a regulatory framework, and more significantly, the FOMC Meeting Minutes drove demand for BTC and the broader crypto market.

The Minutes eased concerns about Trump’s tariffs fueling inflation and delaying rate cuts, stating:

“Most participants assessed that some reduction in the target range for the federal funds rate this year would likely be appropriate, noting that upward pressure on inflation from tariffs may be temporary or modest, that medium- and longer-term inflation expectations had remained well anchored, or that some weakening of economic activity and labor market conditions could occur.”

Notably, the Minutes also showed that a couple of participants would consider a July rate cut if the data evolved in line with their expectations.

US BTC-Spot ETF Market Eyes Five-Day Inflow Streak

Rising hopes of a Q3 Fed rate cut also boosted demand for US BTC-spot ETFs. Recent spot ETF market flow trends contributed to BTC striking a record high on July 9. According to Farside Investors, key flows for the July 9 session included:

• ARK 21Shares Bitcoin ETF (ARKB) reported net inflows of $57 million.
• Grayscale Bitcoin Mini Trust (BTC) had net inflows of $15.8 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $4.8 million.

With BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF’s (BTCO) flow data pending, total US BTC-spot ETF inflows reached $80.6 million.

BTC Price Outlook: Trade Developments, Legislation, and Spot ETF Flows in Focus

BTC gained 2.13% on July 9, adding to Tuesday’s 0.60% gain and closing at $111,256.

The near-term price outlook depends on several key factors, including trade headlines, legislation-related developments, Fed commentary, and spot ETF flow trends.

Potential scenarios:

• Bearish Scenario: Rising trade friction, legislation setbacks, hawkish Fed cues, and ETF outflows. A combination of these may pull BTC toward $105,000, exposing the 50-day Exponential Moving Average (EMA).
• Bullish Scenario: Easing trade tensions, bipartisan support for crypto bills, dovish Fed rhetoric, and ETF inflows. Under these scenarios, BTC could target $115,000.

What to Watch

Investors should monitor the key drivers, which could dictate whether XRP and BTC can hit record highs. These include:

• Ripple case updates: SEC appeal plans.
• Legislative developments: Hearings and lawmaker votes.
• US trade headlines: Retaliation to Trump’s tariff letters.
• Fed guidance: Hawkish or dovish signals.
• ETF market flows: Flow trends crucial for BTC’s supply-demand balance.

See where analysts expect XRP and BTC to head as legal and political risks evolve.