XRP has surged past the $2.28 threshold, fueled by Ripple’s latest move towards securing a national bank charter in the United States, a development that’s sending ripples (no pun intended) through the cryptocurrency markets. Over the past 24 hours leading up to early July 7, XRP has demonstrated robust performance, climbing from $2.21 to $2.26—a 2.36% increase—with trading volumes peaking at a staggering 67 million during the most frenzied hours.
Ripple’s Bold Move
Ripple Labs’ recent application for a national bank charter with the U.S. Office of the Comptroller of the Currency (OCC) has seemingly reinvigorated investor sentiment. If approved, this would allow Ripple to operate as a federally regulated trust bank, which is no small feat. The implications? It could pave the way for XRP’s deeper assimilation into the traditional banking sector, potentially turbocharging institutional adoption for global payments and stablecoin issuance. This follows a pattern of institutional adoption, which we detailed in Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market.
Crypto analyst Jenna Marlton notes, “This is a game-changer. Ripple’s potential bank charter could really open doors for institutional players who were sitting on the fence. It’s a bridge between the old and the new.”
Technical Signals and Market Reaction
From a technical standpoint, XRP’s recent ascent above $2.28 is bolstered by a strong defense of the $2.24-$2.25 support range. The breakout, especially at 10:00 when trading volumes hit 67 million, was a clear signal of bullish intent. Buyers were evidently ready to absorb selling pressure, particularly around 18:00, reaffirming the token’s resilience.
But here’s the catch: while the token has managed to break the $2.26 resistance, closing at $2.27, the real test will be maintaining momentum through the $2.38 breakout zone. Resistance is now set between $2.29 and $2.30, with ambitious upside targets of $2.60 to $3.40 if the upward trajectory continues.
A Glimpse into the Past and Future
Ripple’s latest maneuver follows a string of strategic moves aimed at solidifying its position in the market. Market chatter has been abuzz with speculation about a U.S.-based XRP spot ETF and the tantalizing possibility of Ripple gaining access to a Fed master account. Both prospects could significantly bolster XRP’s market standing. For a deeper dive into these developments, see Crypto Exchange Mercado Bitcoin to Tokenize $200M in Real-World Assets on XRP Ledger.
Yet, as with any venture in the volatile crypto world, there are questions. Will Ripple’s bank charter bid succeed, and if so, how swiftly can it translate into tangible benefits for XRP holders? And what about the broader regulatory landscape, which remains murky at best?
Looking Ahead
As XRP navigates this bullish wave, the cryptocurrency community watches with bated breath. The coming weeks will be crucial. Whether Ripple’s bank charter application is green-lighted could very well determine the trajectory of not just XRP, but potentially set a precedent for other crypto entities eyeing similar paths.
In the meantime, traders and investors alike are left to ponder: can XRP maintain its momentum and break through current resistance levels, or will it face headwinds in the ever-unpredictable crypto seas? Only time will tell, but one thing is certain—Ripple’s boldness is setting a new tempo in the crypto symphony, and the markets are listening intently.
Source
This article is based on: XRP Breaks Above $2.28 as Ripple’s Bank Charter Bid Ignites Bullish Surge
Further Reading
Deepen your understanding with these related articles:
- Swiss Bank AMINA Introduces Custody, Trading With Ripple’s RLUSD Stablecoin
- NY Judge Slaps Down SEC, Ripple’s Second Request for an Indicative Ruling on Proposed $50M Settlement
- XRP, Solana Lead Profit-Taking Among Crypto Majors Even as Bullish Mood Persists
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
