XRP gains ground as Ripple CEO says US crypto users aren’t going anywhere after midterms, calls for clear rules

  • XRP extends its recovery for the third straight day, trading near $1.32 on Thursday.
  • Ripple CEO Brad Garlinghouse says “pro-crypto members won on both sides of the aisle” in US midterms, and urges new Congress for clear rules.
  • XRP hovers near the 100-day EMA as bulls push to regain control of the trend after last week’s decline to $1.20.

Ripple (XRP) ticks higher on Thursday, trading near $1.32. The remittance token is up roughly 10% from last week’s trough at $1.20, suggesting that the path of least resistance is gradually flipping upward.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Still, structural hurdles remain and may limit XRP’s recovery potential if it doesn't reclaim these support levels. Also, institutional interest has yet to recover against the backdrop of the Binance hack, which raised concerns about the safety of funds on centralized crypto exchanges.

Brad Garlinghouse urges Congress to make clear

The Democratic Party is set to take control of the United States (US) House and Senate in January, after outperforming the Republicans in the midterm elections. According to an NBC News report, Democrats flipped seven Senate seats, including Iowa, Kansas, Maine, North Carolina, Ohio, South Carolina and Texas.

In the House of Representatives, Democrats are set to win 259 seats, exceeding the 218 needed for a majority. Concerns about the economy amid elevated Oil and energy prices are among the factors that propelled the Democrats' expansive wins.

As for crypto, opinions are generally positive, with some industry figures, such as Ripple CEO Brad Garlinghouse, foreseeing business as usual despite Republicans slipping to a distant minority in Congress. Garlinghouse said in an X post that “pro-crypto members won on both sides of the aisle,” adding that the approximately 67 million crypto users in the US are not going anywhere. The CEO believes that while the US will get a new Congress, the mission remains the same; making clear regulations.

James E. Thorne, Chief Market Strategist at WellingtonAltus, is among other industry figures optimistic that the Democratic Party win will not slow the regulation needed for the US crypto market.

“Republicans lost the House and Senate, but crypto keeps moving. The GENIUS Act is already law, and stablecoin rules are being implemented. The CLARITY Act stalled, yet the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) are still writing the framework for tokenization and digital commodities,” Thorne said on X, adding, “Democrats can slow new legislation, but they cannot reverse the agency actions already underway.”

Technical analysis: XRP eyes bullish turnaround

XRP trades around $1.32, maintaining a capped bias as price holds below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs) at $1.34, $1.32 and $1.36, respectively, as well as the SuperTrend barrier near $1.40.

The Moving Average Convergence Divergence (MACD) has turned positive, and the Relative Strength Index (RSI) hovers just above 50. This modest momentum improvement hints at stabilization rather than a clear bullish reversal, while the pair remains under these layers of daily resistance.

Chart Analysis XRP/USDT (Binance)
XRP/USDT daily chart

Initial resistance lies at the 100-day EMA around $1.32, followed by the 50-day EMA at $1.34 and then the 200-day EMA near $1.36, with the SuperTrend line around $1.40 reinforcing a broader supply zone before the distant descending trendline reference near $1.66. On the downside, the main technical floor emerges around the former resistance trendline break area at $1.27, where a sustained hold would be needed to prevent a deeper pullback and keep the nascent basing attempt intact.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Ripple FAQs

Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.

XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.

XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.

XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.