XRP climbed above $1.50 for the first time in two months, part of a broader crypto market rally that saw Bitcoin push past $82,000. The move puts XRP back at a critical resistance level that has rejected multiple breakout attempts over the past three months.
XRP (CRYPTO: XRP) rose above $1.50 on May 10 for the first time in nearly two months, gaining 5.4% in 24 hours as Bitcoin’s rally above $82,000 lifted the broader crypto market.
The move marks another test of a key resistance zone between $1.45 and $1.47, where roughly 60% of XRP holders have their average cost basis, according to Glassnode data. This supply wall has rejected four previous rallies in the past three months, turning each attempt into a fake-out.
The rally saw XRP’s market capitalization push above $90 billion. The token’s strength is underpinned by a recent surge in exchange-traded fund inflows, which hit $81.59 million in April, recovering from a $2 million low in March. The move comes as Bitcoin, up 19% over the past 30 days, provides a macro tailwind that was absent during XRP's failed breakout attempts in March and April.
The sustainability of XRP's rally now hinges on the Senate Banking Committee's scheduled markup of the CLARITY Act on May 14. A successful markup, which would legally classify XRP as a digital commodity, could provide the catalyst needed to absorb overhead supply and target the $1.65-$1.70 level.
Previous attempts to break this level failed to hold. On March 17, a price spike to $1.60 on regulatory news quickly faded after the Federal Reserve held interest rates steady, causing a market-wide pullback. A second attempt in April reached $1.51 on positive ETF flow news but retraced 54% of the move by the end of the week.
This attempt may be different due to a confluence of factors. Beyond the upcoming legislative vote, Ripple recently completed a successful cross-border tokenization pilot with JPMorgan and Mastercard on the XRP Ledger, demonstrating growing institutional readiness.
Still, significant headwinds remain. The CLARITY Act faces opposition from major US banking trade groups, which could delay or derail the May 14 markup. If the bill stalls, XRP could lose momentum and retreat toward the $1.30 support range, especially if Bitcoin fails to hold the $82,000 level.
This article is for informational purposes only and does not constitute investment advice.
