#ETH Breaks $3600#

- The price of XRP rose on Friday, reaching a new record high of $3.66 before pulling back slightly.
- Ripple CEO Brad Garlinghouse stated that the passage of the GENIUS Act is historic, cementing the United States' position as a leader in innovative financial technology.
- Despite the rise in prices, XRP trading volume remains neutral, indicating room for further upside.
- The value of Ripple (XRP) surged to an all-time high of $3.66 before slightly retreating to $3.44 on Friday. Investors increased their investments in the cross-border payment currency following the approval of three cryptocurrency-related bills in the U.S. House of Representatives on Thursday.
- The National Innovation Guidance and Establishment Act for Stablecoins of the United States ( GENIUS Act ), the Digital Asset Market Clarity Act ( CLARITY Act ), and the Anti-Central Bank Digital Currency Act ( CBDC Anti-Act ) were passed in a House vote, paving the way for clear regulations for cryptocurrencies in the United States.

- Technical Forecast: XRP may extend its price discovery phase.
The price of XRP is currently trading at around $3.44, a slight increase from its previous price at the time of writing this report. The token has reached a new all-time high of $3.66, confirming the growing demand for it from individual and institutional investors.

The validity of the golden cross pattern was confirmed on the daily chart when the 50-day Exponential Moving Average (EMA) crossed above the 100-day Exponential Moving Average on July 11, reinforcing the bullish grip.

Moreover, the buy signal supported by the Moving Average Convergence Divergence (MACD) since June 28 has encouraged risk sentiment, prompting traders to increase their exposure.

A daily close above $3.50 could help confirm the strength of the bullish trend. If the XRP coin surpasses its all-time high of $3.66, a new price discovery phase could enhance the coin's value.

Despite the rise to new record levels, trading volume in the spot market remains neutral, indicating that conditions are still favorable for XRP to expand its upward leg to new levels, targeting $4.00 in the short term.

Meanwhile, the overbought Relative Strength Index (RSI) at 86 indicates a potential correction in the trend, especially if profit-taking increases, overshadowing demand. The previous benchmark level at $3.40 represents a temporary support, but if broken, traders will look for support at $3.00, which was tested in early March as a resistance level, and $2.80, which was tested as a support level on Tuesday.