XRP was trading around $1.45 on May 15 after briefly pushing toward the $1.50 area earlier in the week. The token has recovered from its February low near $1.20, and the market is now focused on the $2 level again. Weekly chart structures, improving regulatory sentiment, and tighter liquid supply are all feeding that setup.
Senate committee vote puts CLARITY Act in focus
A major driver this week was movement on the Digital Asset Market Clarity Act, or CLARITY Act. On May 14, the U.S. Senate Banking Committee advanced the bipartisan bill by a 15–9 vote. According to the report, if the bill is eventually enacted as federal law, XRP would be formally classified as a digital commodity, a shift many investors see as supportive for broader institutional participation.
Price action responded quickly. XRP reclaimed the $1.45 resistance level soon after the vote, while traders turned their attention to the next Senate floor vote ahead of the May 21 legislative deadline. The move in price was immediate; the policy catalyst is still being watched.
Whale holdings rise while exchange supply drops
On-chain data points to continued accumulation by large holders. Wallets holding at least 10 million XRP have climbed to their highest level in roughly eight years. Those wallets now control nearly 68.5% of the circulating supply, according to the source material.
Exchange balances are moving the other way. Liquid XRP supply on centralized exchanges has fallen toward 1.7 billion tokens, marking a roughly seven-year low. Lower exchange reserves mean fewer tokens are readily available for sale, which can intensify upside moves if new demand starts pressing into the market.
Rounded bottom and cup-and-handle put $2 at the center
On the weekly chart, XRP has formed a large rounded bottom, often described as a cup formation. The pattern developed after the sharp correction earlier this year and months of gradual accumulation that followed. Its neckline sits near the psychological $2 level, which also lines up closely with weekly Supertrend resistance.
Under standard chart analysis, a confirmed break above the neckline of a rounded bottom can signal a broader bullish reversal. In XRP’s case, a decisive move through the $2 area could open room toward the $2.80 to $3 range based on the depth of the formation. The recent recovery also resembles a smaller bullish cup-and-handle continuation pattern near the lower boundary of the larger setup, adding to the case for a slow trend turn if buyers stay in control.
Momentum improves, but resistance is still intact
Momentum indicators are starting to lean positive again. Weekly MACD is attempting a bullish crossover after spending several months in bearish territory, and the histogram has begun printing stronger green bars, suggesting downside momentum may be easing. Even so, the barrier at $2 remains significant. Previous rallies have stalled there, and the weekly Supertrend indicator is still bearish.
If buyers fail to hold the current $1.40 to $1.45 support zone, the bullish structure could weaken and expose XRP to a retreat toward $1.25, the area where buyers previously stepped in during the March consolidation period.