XRP Hits Session Highs After CLARITY Act Advances in Senate
XRP rose to about $1.54, up 6.6%, after the Senate Banking Committee voted 15-9 to advance the CLARITY Act, legislation Ripple backed.
XRP climbed to session highs near $1.54 on May 14, rising about 6.6% from the prior 24 hours. At 2:27 p.m. ET the token traded around $1.5255 after an intraday peak near $1.54.
The advance followed several sessions of consolidation in the mid-$1.40 range. Buyers pushed XRP above nearby resistance after repeated tests of support between $1.41 and $1.43, and trading volume increased during the breakout.
On the one-hour chart, XRP traded above the 50-period simple moving average near $1.4466 and the 200-period SMA near $1.4319. The Relative Strength Index rose to about 80.6. The MACD line was near 0.01536 with the signal line around 0.00609 and the histogram about 0.00927. Bollinger Bands widened, with the upper band near $1.4997 and the lower band near $1.3934; price moved above the upper band.
Market participants view holding above $1.50 as important for sustaining the advance; failure to keep that level could lead to consolidation or profit-taking given the elevated RSI and the position relative to the bands.
The Senate Banking Committee voted 15-9 on May 14 to advance the Digital Asset Market CLARITY Act. The bill would clarify oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Ripple publicly supported the legislation. Ripple CEO Brad Garlinghouse called the bill ‘a critical moment for the crypto industry.’
Traders monitored whether buyers could sustain the breakout or if selling pressure would appear after the rapid gain.
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