Ripple (XRP) price prediction: Whale Wallet count reaches an all-time high, potentially retesting the 2.6553 peak.

XRP follows the market rally, currently reported at around 2.4244 USD during the Asian afternoon session today (10th). The number of Whale Wallets holding over 1 million XRP has reached near historical highs, indicating strong confidence in the prospects of the Token. Looking ahead, if long positions maintain their momentum, XRP may retest the May high of 2.6553 USD.

Ripple CEO Brad Garlinghouse testified on Capitol Hill, becoming the focus of attention. The Senate Banking Committee hearing, titled "From Wall Street to Web3: Building the Digital Asset Market of Tomorrow," provided Garlinghouse with a platform to advocate for regulatory reform and showcase the lawsuit against Ripple by the U.S. Securities and Exchange Commission (SEC).

Garlinghouse shared the testimony record before the hearing on Wednesday, which focused on the Ripple case and the SEC's anti-cryptocurrency agenda. He also emphasized the non-security status of Ripple.

Garlinghouse further elaborated on the actions of the SEC under former Chairman Gary Gensler, commenting: "Whether the SEC and CFTC can cooperate depends on whether the appointed officials act in good faith. What we have seen before is that the SEC has actually created chaos in the market. Under Chairman Gensler's leadership, they have also taken contradictory positions in different court cases, which has actually caused even greater confusion."

He reminded Congress of the criticism from federal judges regarding the SEC's application of the law, adding, "So, the federal judges would say that the SEC is arbitrary and capricious in its enforcement. The federal judges would say that the SEC does not adhere to—what is called—loyalty to the law. Therefore, my concern is that relying on an unelected appointee to make these decisions assumes that their actions are in good faith. I believe what we have recently seen with the SEC is merely a war against the entire industry, with no enforcement of the law."

He also urged lawmakers to prioritize the passage of market structure legislation to provide the necessary regulatory clarity and framework to "catalyze a new era of competition in the United States and unleash the efficiency of financial transactions - greatly assisting customers and businesses."

Other representatives of the crypto community include Jon Levin (Chainalysis), Dan Robinson (Paradigm), and Summer Mersinger, the CEO of the Blockchain Association, who stated: "I am honored to testify before the Senate Banking Committee today to emphasize the urgent need for market structure legislation."

The Senate Committee on Agriculture, Nutrition, and Forestry has scheduled a market structure hearing on Tuesday, July 15, with the theme of "Stakeholders' Views on Federal Digital Commodity Regulation."

The House of Representatives will review the CLARITY Act, also known as the 2025 Digital Asset Market Clarification Act (HR3633), next week, which is referred to as "Crypto Week."

Will the SEC vote to withdraw the appeal in the Ripple case?

Investors' focus will return to the Ripple case today, as the SEC will hold a second closed-door meeting following Judge Analisa Torres's rejection of both parties' second motion for a declaratory ruling on settlement terms. If the vote supports withdrawing the appeal of the Ripple programmatic sales ruling, Ripple and the SEC will be able to submit a motion to dismiss to the U.S. Court of Appeals and resolve this case.

The changing regulatory landscape and optimistic sentiment regarding the potential exit of the SEC have boosted the demand for Ripple. According to market intelligence platform Santiment, as of the close on July 9, the market capitalization of XRP has reached a seven-week high, breaking the $2.39 mark for the first time since May 23.

It is worth noting that the number of whales holding at least 1 million XRP and their total balance is on the rise. Currently, there are 2,742 wallets holding at least 1 million XRP, which is one less than the historical high of 2,743 set yesterday. In addition, these wallets holding more than 1 million XRP in total hold 47.32 billion XRP, indicating their confidence in the future of the fourth-ranked coin.

XRP Price Outlook

FXEmpire analyst Bob Mason stated that the recent price outlook for XRP depends on the appeal vote by the US Securities and Exchange Commission, the progress of the CLARITY Act, and the development of the US XRP spot ETF.

If it breaks through the high of 2.4285 USD on July 9, it may open the door to re-test the May high of 2.6553 USD. If it continues to break through 2.6553 USD, long positions may aim for 3 USD and the 2025 high of 3.3999 USD.

On the contrary, a drop below $2.3 could expose the 50-day EMA and the key support level at $2.2.

(Source: Trading View)