XRP Surged As The CLARITY Act Advanced -- And Now It's Down 2%: What Is Happening?

XRP (CRYPTO: XRP) spiked to $1.55 following the CLARITY Act passing the Senate Banking Committee before pulling back below $1.45 Whales Hold 45.83 Billion XRP Tokens Wallets holding at least 10 million XRP now control 45.83 billion tokens worth $68.5 billion, representing 68.5% of circulating supply. This marks the highest whale concentration since May 2018, signaling major holders are accumulating rather than distributing into strength. The spike to $1.55 occurred immediately after the Senate Banking Committee passed the CLARITY Act 15-9, legislation that could formally reinforce XRP's regulatory status as a commodity rather than a security. ETF Inflows Accelerate To $49.63M Weekly U.S. XRP Spot ETFs recorded $18.52 million in net inflows Thursday, bringing weekly inflows to $49.63 million with Friday still remaining. Last week ending May 8 posted $34.21 million cumulative, meaning this week is tracking 45% higher. Moreover, total net assets reached $1.25 billion, with cumulative inflows hitting $1.37 billion. Bollinger Band Breakout Confirms Momentum XRP breached the upper Bollinger Band at $1.4850, historically signaling strong momentum. The BB squeeze that built through April has now fully released to the upside. Today's pullback from $1.50 is a classic upper band retest, not a reversal. The SMA at $1.4161 and SAR at $1.4076 form solid confluence support below current price. XRP is consolidating with higher lows, suggesting mounting pressure for a potential breakout above the long-standing $1.50 resistance level. Derivatives Activity Surges Ahead Of Vote Trading activity and derivatives positioning increased sharply ahead of the Senate Banking Committee vote. Rising open interest indicates traders are positioning for a larger move rather than selling into strength. Support sits at $1.41-$1.42 SMA/SAR confluence. Next target is a clean break and hold above $1.50, with full target at $1.55-$1.63. Invalidation occurs on a daily close below $1.38. Image: Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.