XRP rebounds to $1.39 despite legislative setbacks and interest rate hikes, supported by significant whale accumulation and a broader rally that pushed the total altcoin market cap to an eight-month peak.
XRP surged over 7% to near $1.39 despite the failed CLARITY Act and Fed rate hike, with trading volume near its 30-day average and renewed whale activity.
Solana surged 10.75% to $112.34, leading the altcoin market higher as total altcoin market cap climbed to an eight-month high.
Bitcoin gained 5.49% to trade near $80,752, moving in tandem with XRP and the broader crypto market.
Ethereum rose 5.53% to roughly $2,595, reflecting the broader altcoin rally mentioned in the article.
XRP surged over 7% to reach $1.39, defying the failed CLARITY Act vote and a 25-basis-point Federal Reserve rate hike. Renewed whale activity and rising futures open interest suggest strong market conviction, as the broader altcoin sector hit an eight-month market cap high of $222 billion.
XRP dropped over 8% following the failure of the CLARITY Act to secure the 60 votes required for cloture in the Senate, compounded by the Federal Reserve's decision to raise interest rates.
Analysts have identified a potential inverse head-and-shoulders pattern on the daily chart, with a neckline at $1.55 that could signal a move toward $2 if the price sustains momentum.