XRP Seeks Breakthrough at $1.50 as CLARITY Act Markup Looms

XRP is attempting to break through the $1.50 resistance level for the fifth time this year. The cryptocurrency's price action is closely tied to the CLARITY Act markup in mid-May, which has the potential to catalyze institutional buying.

On one hand, XRP has a solid case for breaking through $1.50 and reaching its long-term targets. With a 24-hour volume of $1.5 billion during today's push above $1.40, XRP is showing strong momentum. Additionally, the cup-and-handle pattern is approaching its breakout confirmation window, which could propel XRP to new highs.

However, XRP faces significant challenges in breaking through the $1.50 resistance level. The 1.16 billion XRP overhang between $1.44 and $1.45 from underwater holders is a major obstacle for XRP's price movement. Furthermore, the mixed momentum signals, including a weak ADX at 9.55 and neutral RSI, indicate that XRP may struggle to sustain its gains.