XRP Jumps 5% to $1.16 as Altcoin Buyers Return and CLARITY Act Advances

XRP climbed 5% to $1.16 within 24 hours as traders rotated back into major altcoins, according to CoinGape. The move coincided with renewed attention on Ripple’s payments growth, XRP Ledger adoption and progress on US crypto legislation, most notably the Senate’s advancement of the CLARITY Act.

Broader Market Recovery Lifts Altcoins

The wider cryptocurrency market rose 0.86% to a total value of $2.18 trillion during the latest trading session, CoinGape reported. Bitcoin surged past $62,000 before hitting slight selling pressure, while Ethereum climbed above $1,700 and then traded sideways as investors awaited clearer directional signals.

Solana, Dogecoin and Cardano also posted modest gains alongside XRP, reflecting a broader risk-on shift across large-cap digital assets. The rally followed weaker-than-expected US employment data that strengthened market bets on looser monetary policy ahead.

The US economy added 57,000 jobs in June, well below the forecast of 110,000, according to CoinGape. May’s payroll figure was revised to 129,000, underscoring a sharp slowdown in hiring. Despite the weak jobs print, the unemployment rate eased to 4.2%, beating the 4.3% estimate economists had expected.

CLARITY Act Progress Fuels XRP Optimism

Beyond the macro backdrop, the CLARITY Act’s advancement in the US Senate remained a key driver of sentiment among XRP traders, CoinGape noted. The legislation could shape how digital assets are classified under US law, a matter of long-standing significance for Ripple and the broader XRP ecosystem given its history of regulatory disputes.

Market participants have increasingly tied XRP’s price action to regulatory clarity developments in Washington, alongside continued growth in Ripple’s payments business and usage of the XRP Ledger. That combination of factors has helped renew confidence in the token even as the broader market navigates uncertain macro conditions.

Key Levels to Watch

Traders are now watching resistance near $1.20, a level that could determine whether XRP’s rally extends further, according to CoinGape. On the downside, the $1.15 mark is being treated as a support zone that could limit losses if selling pressure returns.

Read more: Lawyer Bill Morgan: XRP’s Escrow System Is Its Greatest Strength