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bitcoin
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binancecoin
BNB (BINANCECOIN)
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Shiba Inu (SHIBA-INU)
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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000022 0.94%
bitcoin
Bitcoin (BITCOIN)
$107,589 -0.88%
ethereum
Ethereum (ETHEREUM)
$2,525 -0.43%
binancecoin
BNB (BINANCECOIN)
$658.44 -0.57%
solana
Solana (SOLANA)
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ripple
XRP (RIPPLE)
$2.29 1.38%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 -2.48%
pepe
Pepe (PEPE)
$0.000010 -0.63%
bonk
Bonk (BONK)
$0.000022 0.94%
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XRP Price Analysis – XRP Set for Rally to $3 After Bouncing Off Demand Zone

Highlights:

  • XRP is pushing towards weekly resistance at $2.43
  • A push through $2.43 could trigger a rally to $3
  • A convergence of bullish factors around XRP could trigger a rally to $3 soon

XRP (XRP) is showing strength today, up by 4.51% to trade at $2.28. XRP trading volumes are also rising by 42.26% in the day to hit a high of $2.5 billion. XRP’s increasing volumes as the price goes up indicate that buyers are coming in strongly with the expectation that the price could be higher in the foreseeable future. The rising bullish sentiment around XRP is not without basis. Multiple factors support a potential bull rally for XRP in the future.

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XRP Legally In The Clear After Years of XRP’s Legal Battles

One is that XRP is now legally clear compared to recent years. Since 2020, XRP has faced many legal hurdles that have held back its price even as other cryptocurrencies rallied. So far, Ripple has overcome these legal issues, and they are all coming to a formal close.

The end to the legal matters surrounding XRP comes when the regulatory environment around cryptocurrencies in the US is also at its best. This paves the way for XRP adoption, given that XRP is one of the best cryptocurrencies for instant payments. This use case could see its use value grow exponentially over time, with the potential to hit new highs as the broader market rises.

XRP Could Benefit From Rising Excitement Around Altcoin ETFs

XRP could also get a boost because its altcoin ETF momentum is rising. The US SEC is increasingly positive towards altcoin ETFs. The recent approval of a Solana ETF that includes staking has made the case for other altcoin ETFs more likely. XRP, one of the top altcoins that also doubles up with a strong institutional use case, could draw capital into XRP. A front-running of a potential XRP ETF will likely keep pushing the price of XRP in the future.

Ripple Seeking Bank Charter – Bullish for XRP

Another factor driving the bullish sentiment around XRP is Ripple’s move to seek a bank charter. On July 2, Ripple made an application with the OCC for a bank charter, with the aim of following in the path of BitGo and Circle. If it is approved, it will have a significant impact on the price of XRP. That’s because, with such a license, Ripple could manage its reserves.

Ripple would also access the US Federal Reserve payment rails. This will likely give Ripple a leapfrog regarding legitimacy in the financial sector, not only in the US but globally. The adoption of XRP has gained so far in global banking and could accelerate. It’s a move that could put XRP in direct competition with SWIFT. By extension, a surge in demand for XRP from banking institutions could add upside pressure to the price going into the future. It is a move that could be critical to pushing XRP to prices above $10 in the foreseeable future. 

Technical Analysis – XRP Trending Towards Multi-Week Resistance

On the weekly charts, XRP has bounced off a strong support level between $1.91 and $2.02. This is an indicator that there is a strong demand for XRP. However, $2.43 is still a solid resistance level. A rally through this resistance could pave the way to $3 in the short term. 

xrp price
Source: TradingView

On the other hand, if bulls lose momentum, XRP could drop back into the XRP support zone between $1.91 and $2.02. Of these two scenarios, the odds are higher that XRP could be headed to the $2.43 resistance and higher. The confluence of bullish forces around it could trigger such a rally in the short term.

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