Latest focus in the crypto market: Ripple CEO calls for legislation in Congress! XRP breaks 7-week high, Bitcoin hits all-time high.

Key Event: Ripple CEO Testifies in Congress, Advocating for Market Structure Legislation On July 9 (Wednesday), Ripple CEO Brad Garlinghouse was the focus at the Senate Banking Committee hearing titled "From Wall Street to Web3: Building the Future of the Digital Asset Market." He used this platform to advocate for cryptocurrency regulatory reform and elaborated on the implications of the SEC lawsuit against Ripple, while emphasizing the non-security status of XRP.

Galenhaus shared the text of his testimony before the hearing, highlighting criticisms of the SEC's actions under the leadership of former chairman Gary Gensler:

"The premise of expecting cooperation between the SEC and CFTC is that these appointed officials can act in good faith. However, what we've seen previously is that the SEC has actually created chaos in the market. Under Chairman Gensler's leadership, they have taken contradictory positions, even adopting opposing stances in different court cases, which has in fact caused more confusion."

He reminded Congress to pay attention to the federal judges' criticisms of the SEC:

"Therefore, a federal judge has stated that the SEC is 'arbitrary and capricious' in its application of the law, criticizing them for 'failing to faithfully adhere to the law'. I am concerned that the premise of relying on unelected appointed officials to make decisions is that they must be good faith actors. I believe we are witnessing the recent SEC waging a 'war' against the entire industry while not consistently applying the law."

📜 The crypto industry speaks out collectively: Urging the safe passage of the "Clear Act"

Galen House urges lawmakers to prioritize the passage of market structure legislation to provide the necessary regulatory clarity and framework, "catalyzing a new era of American competitiveness, unleashing the efficiency of financial transactions - greatly assisting clients and businesses."

Other representatives from the crypto industry participating in the hearing include Jon Levin from Chainalysis, Dan Robinson from Paradigm, and Blockchain Association CEO Summer Mersinger (who posted, "I am honored to testify today before the Senate Banking Committee on the urgent need for market structure legislation").

The Senate Committee on Agriculture, Nutrition, and Forestry is also scheduled to hold a market structure hearing titled "Stakeholder Perspectives on Federal Regulation of Digital Goods" on July 16 (Tuesday).

The full House of Representatives will review the CLARITY Act, also known as the "Crypto Week", next week, which is the 2025 Digital Asset Market CLARITY Act (H.R.3633).

⚖️ Will the SEC vote to abandon the appeal against Ripple?

Investor focus will return to the Ripple case on July 10 (Thursday). The SEC will hold its second closed-door meeting since Judge Analisa Torres rejected both parties' second motion regarding the advisory ruling on settlement terms. If the SEC votes in favor of withdrawing the appeal against the XRP programmatic sales ruling, Ripple and the SEC will be able to submit a motion to dismiss to the U.S. Court of Appeals, thereby ending this case.

The changing regulatory environment and optimistic sentiment regarding the possible withdrawal of the SEC lawsuit have boosted the demand for XRP. Before the market closed on July 9, market intelligence platform Santiment pointed out:

"XRP price reached a 7-week high, breaking through $2.39 for the first time since May 23. Attention should be paid to the increase in the number of whale addresses holding at least 1 million XRP and their total balance. Currently, there are 2,742 such wallets (just one less than yesterday's historical high of 2,743). In addition, these wallets holding over 1 million XRP have a total holding of 4.732 billion XRP, continuing to show confidence in the future of the fourth largest cryptocurrency by market capitalization."

📈 XRP Price Outlook: Legislation, SEC Votes, and ETF Dynamics Become Key

XRP rose by 4.03% on July 9 (Wednesday), continuing the increase of 1.74% from Tuesday, closing at ** $2.4056**. Its performance outpaced the overall cryptocurrency market (which rose by 2.64%), driving the total cryptocurrency market capitalization up to 3.42 trillion USD.

As of July 10, according to Gate market, XRP is currently priced at $2.424, with a 24-hour increase of 3.98%.

The short-term price trend of XRP depends on:

1. SEC Appeal Vote Results
2. Legislative Progress of the Clarity Act
3. Updates on the US XRP Spot ETF

• Upward path: If it can break through the July 9 high of $2.4285, it may test the May high of $2.6553 again. If it can continuously break through $2.6553, bullish targets can look towards $3.00 and the 2025 high of $3.3999.
• Downside risk: If it falls below $2.30, it may test the 50-day moving average and the key support level of $2.20.

🚀 Bitcoin ignores tariff threats and hits a historic high!

When XRP reached a 7-week high, Bitcoin (BTC) soared to an all-time high of $111,961 on July 9 on CEX. Hopes for the introduction of a regulatory framework, along with the more significant FOMC meeting minutes, drove demand for BTC and the entire crypto market.

The meeting minutes alleviated market concerns about Trump's tariff policies pushing up inflation and delaying interest rate cuts, stating:

"Most participants assess that it may be appropriate to lower the target range for the federal funds rate this year, and note that the upward pressure on inflation from tariffs may be temporary or moderate, while medium- to long-term inflation expectations remain well anchored, or that economic activity and labor market conditions may show some signs of weakness."

It is worth noting that the meeting minutes also showed that several participants indicated that they would consider cutting interest rates in July if the data developments met their expectations.

💰 The US BTC spot ETF market targets five-day net capital inflow.

The expectation of a rate cut by the Federal Reserve in the third quarter has also boosted the demand for U.S. BTC spot ETFs. Recent trends in capital flows for spot ETFs have propelled BTC to reach an all-time high on July 9. According to Farside Investors data, key capital flows on July 9 include:

• BlackRock iShares Bitcoin Trust (IBIT): Net inflow of $125.6 million
• ARK 21Shares Bitcoin ETF (ARKB): Net inflow of $57 million
• Grayscale Bitcoin Trust (BTC): Net inflow of 15.8 million USD
• Fidelity Wise Origin Bitcoin Fund (FBTC): Net inflow of $4.8 million

The total net inflow of the US BTC spot ETF yesterday reached $215.7 million, with net inflows for five consecutive trading days.

📊 BTC Price Outlook: Trade, Legislation, and ETF Fund Flows in Focus

Short-term price outlook for BTC depends on:

• Trade-related Headlines
• Legislative Progress
• Federal Reserve Officials Comment
• Spot ETF Fund Flow Trends

Potential Scenario Analysis:

• Bearish Scenario: Escalating trade frictions, legislative hurdles, hawkish signals from the Federal Reserve, and outflows from ETFs. This combination of factors could pull BTC towards $105,000 and threaten the 50-day moving average (EMA).
• Bullish Scenario: Easing trade tensions, bipartisan support for crypto legislation, dovish comments from the Federal Reserve, and continued inflow of ETF funds. In this scenario, BTC could rise to $115,000.

👀 Core Observation Points

Investors should closely monitor the following key drivers that will determine whether XRP and BTC can hit historical highs:

1. Ripple Case Update: SEC's Appeal Plan.

2. Legislative Dynamics: Hearings and Legislator Voting (Focus on the "Clarity Act" HR.3633).

3. US Trade Headlines: Retaliatory measures against Trump's tariff threats.

4. Federal Reserve Policy Signals: The hawkish/dovish tendencies in officials' speeches.

5. ETF Market Fund Flow: The trend of fund flow is crucial for the supply and demand balance of BTC (especially pay attention to IBIT, FBTC, ARKB, etc.).

   (FXEmpire)