Key Highlights:
- XRP has observed a breakout above the $2.28 mark, fueled by a trading increase of 2.36%.
- Momentum is attributed to Ripple’s application for a national bank charter, boosting investor sentiment and potential institutional uptake.
- Current resistance levels for XRP stand at $2.29 to $2.30, with possible growth areas highlighted if the momentum is sustained.
Detailed Analysis:
XRP is currently on an upward trend, having crossed the essential resistance threshold of $2.28, backed by a notable spike in trading volume. During the time from July 6 at 3:00 AM to July 7 at 2:00 AM, the asset experienced an increment from $2.21 to $2.26, showcasing peak trading activity surpassing 67 million.
The announcement regarding Ripple’s bank charter application is perceived positively, reinforcing a constructive market structure as the purchasing interest holds up the support zone between $2.24 and $2.25.
News Context:
Ripple Labs filed an application for a national banking license on July 2 with the U.S. Office of the Comptroller of the Currency (OCC), renewing investor faith in XRP. If this application receives approval, Ripple would operate as a federally recognized trust bank, significantly deepening the intersection between traditional banking and cryptocurrency. Analysts speculate that this development may hasten the acceptance of XRP in institutional financial operations, especially for global transactions and stablecoin issuance.
Technical Insights:
- Over the preceding 24 hours, XRP saw substantial movement, reflecting a rise from $2.21 to $2.26 amidst a trading range of 3.62%.
- The most intense breakout occurred at 10:00 AM with volumes surpassing 67M as prices pierced the $2.28 barrier.
- Firm support remains entrenched at $2.24–$2.25, with multiple buyer defenses observed during dips, especially around 6:00 PM.
- There were further gains noted in the last hour of trading, where XRP rebounded beyond the $2.26 barrier, closing at $2.27.
- Anticipated resistance now sits at the $2.29–$2.30 levels, with potential objectives ranging from $2.60 to $3.40, contingent upon surpassing the breakout zone at $2.38.
