Ripple (XRP) is showing a sideways trend, trading at $1.10 on July 11 (local time). According to overseas crypto media outlet CoinGape, trading volume has become somewhat thin ahead of the weekend, with XRP trading volume dropping to $762 million based on CoinMarketCap data.

As the U.S. Congress reconvenes on July 13 (local time) following the Independence Day recess, the cryptocurrency 'CLARITY' Act is once again drawing market attention. According to the U.S. Congress website, the House Financial Services Committee is scheduled to hold a field hearing in New York on July 17 (local time) regarding the CLARITY Act.

CoinGape reported that Representative French Hill confirmed the hearing schedule in a Fox News interview, explaining that an institutional framework is being established to advance both existing legislation and the CLARITY Act together. Hill emphasized, "We need to establish a market regulatory framework and combine it with the GENIUS Act."

Pro-crypto Senator Cynthia Lummis stated that this final version represents what is effectively the last opportunity for the CLARITY Act to pass before the November midterm elections. According to CoinGape, the likelihood of the CLARITY Act passing rose slightly from 40% on July 8 (local time) to 44% on July 11, coinciding with the U.S. Senate's return to session. Investors are now focusing on the potential for increased market volatility next week, and CoinGape projected that the final version of the bill could be released between July 13 and July 17, likely impacting the price of XRP.

XRP Technical Analysis and Price Outlook CoinGape analyzed that XRP is currently moving within a Falling Wedge pattern spanning approximately 22%. This is a formation that typically appears when a downtrend has the potential to reverse into an uptrend.

The Relative Strength Index (RSI) climbed from 32 on June 30 to 47 on July 11, indicating weakening selling pressure and expanding buying momentum. However, to confirm a bullish reversal, the RSI needs to form a new high above 50. CoinGape identified XRP's key resistance level at $1.16. If this price is breached, it could rise by approximately 22% to $1.42. Conversely, if it fails to close above $1.16, it may continue trading sideways within the falling wedge pattern before being pushed down to the $1.03 support level.

XRPL Network Activity and Investor Sentiment Despite the global financial messaging network SWIFT recently partnering with several banks in collaboration with Ripple, XRPL network activity has not increased, contrary to what is typically expected.

According to data from on-chain analytics firm Santiment, as of July 11, the number of active XRPL wallets stood at 25,350, with 2,130 new wallets recorded. Notably, the number of new XRPL wallets has dropped to its lowest level since November 2024. Santiment analyzed that buying momentum remains cautious until a clear catalyst emerges to drive a price increase.

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