XRP, the native token of Ripple Labs, surged past a key resistance zone at $2.28, riding high on bullish sentiment fueled by Ripple’s application for a U.S. national bank charter. This development has injected fresh momentum into the market, with trading volume and price both spiking sharply.
Ripple Seeks National Bank Charter in the U.S.
On July 2, Ripple Labs officially submitted an application for a national bank charter with the U.S. Office of the Comptroller of the Currency (OCC). If approved, Ripple would gain status as a federally regulated trust bank, opening doors to services like stablecoin issuance, custody, and interbank settlement.
This bold move by Ripple signals a deepening integration of crypto with the traditional banking system, and has significantly boosted investor confidence in XRP. Analysts suggest the charter could pave the way for institutional adoption of XRP, especially for cross-border payments and enterprise blockchain solutions.
XRP Price Action and Technical Breakout
From July 6, 03:00 to July 7, 02:00, XRP posted a 2.36% gain, moving from $2.21 to $2.26, with hourly volume peaking above 67 million. The most aggressive breakout occurred around 10:00, when XRP pierced through the $2.28 resistance level.
The token continued its momentum in the final trading hours, climbing another 2.29% from $2.26 to $2.27, and setting a local high at $2.27 during volume spikes at 01:30 and 02:01.
Support and Resistance Zones for XRP
Support is firmly established between $2.24 and $2.25, where buyers consistently absorbed sell pressure during intraday dips, particularly around 18:00.
The next resistance zone lies at $2.29–$2.30, with bullish traders eyeing potential breakout targets at $2.60, $3.00, and possibly $3.40, if momentum sustains beyond $2.38.
Future Outlook for XRP
The bullish setup is reinforced by:
- Ripple’s pending bank license approval
- Ongoing discussions around a U.S.-based XRP spot ETF
- Potential access to a Federal Reserve master account
These developments place XRP at a critical juncture. A confirmed breakout above $2.30 could initiate a broader rally, especially if institutional interest continues to build.
Outlook
Ripple’s regulatory strategy is shaping the future of XRP, both as a digital asset and as a financial bridge. With volume surges, technical breakouts, and regulatory tailwinds, XRP is now a token to watch closely.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.