XRP Shows Strength with Futures Open Interest Surging to $4.93B; Price Outlook Analyzed

Bitcoin has been hovering around the $108K mark since the beginning of the week, while altcoins have outperformed, with many gaining over 2% in the last 24 hours. Ripple's XRP has notably advanced, climbing 7% in recent days. This upward momentum is supported by a significant increase in futures Open Interest, hinting at potential further gains. XRP's price has surpassed $2.3 as the market anticipates Ripple CEO Brad Garlinghouse's testimony before the U.S. Senate Banking Committee on July 9, 2025. The hearing, titled 'From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,' will address crypto market structure legislation, including the GENIUS Act and CLARITY Act, seeking to define regulatory standards for digital assets. Garlinghouse will be joined by Chainalysis CEO Jonathan Levin and Paradigm’s Dan Robinson. This event, coupled with the SEC's pending decision on its appeal against XRP, is fueling investor optimism. Institutional interest in XRP is also on the rise, with Open Interest in futures and options contracts rebounding to $4.93 billion from $3.53 billion on June 23, according to CoinGlass data. This uptick reflects growing confidence among traders, who are betting on XRP's price appreciation. Technical analysis suggests XRP could be poised for a breakout, with the XRP/USD 4H chart indicating bullish signals. The MACD lines are in the positive territory, and the RSI at 65 shows buyer dominance. A potential inverse head-and-shoulders pattern could propel XRP by 18% to $2.76, with a chance to exceed $3 for the first time since March 2025. However, resistance at $2.33 may pose a challenge, with support稳固 around $2.20 if the upward momentum falters.