- Ripple’s banking license bid signals serious institutional interest in XRP.
- XRP breaks resistance with strong volume and bullish technical patterns.
- Whale accumulation rises as XRP targets $10 price level next.
Ripple’s decision to apply for a U.S. national banking license has sparked renewed interest in XRP’s market activity. The move is being seen as a major step toward deeper involvement with traditional financial institutions.
According to RipplePundit, this application could mark a turning point in Ripple’s strategy. It shows intent to create more regulatory clarity around its services and to strengthen XRP’s use in banking.
Also Read: XRP Set to Explode? Peter Brandt Signals Massive Breakout Ahead
Since the announcement, XRP climbed from $2.26 to $2.80, gaining over 26 percent within a week. Trading volume surged past $14.8 billion, reflecting rising interest from both retail and institutional investors.
XRP maintained solid support above $2.15 before breaking past the $2.35 resistance level. This development is being seen as a key signal of strength for the asset’s short-term trend.
RipplePundit pointed to strong technical signals backing the move. The 50-day simple moving average around $2.25 has provided steady support during this rally phase.
The Relative Strength Index currently sits at 52, showing that XRP still has upward space before entering overbought levels. Technical traders are now watching closely for another breakout.
Institutional Demand and Whale Accumulation Push XRP Toward Higher Targets
RipplePundit highlighted the emergence of a “stair-step” ascending channel on XRP’s price chart. This structure reflects consistent growth, supported by waves of accumulation and steady price floors.
On-chain data shows an increase in long positions and whale wallet activity. These signals are often linked to growing confidence from large holders expecting continued gains.
Ripple’s banking license bid could also unlock new institutional demand. Financial firms may find XRP more attractive once it operates under a national regulatory framework.
Analysts believe XRP is positioned to retest its previous high of $3.39. If additional catalysts like ETF approval emerge, XRP could move toward the $10 mark in the medium term.
Conclusion
Ripple’s license application has added strength to XRP’s market outlook. Backed by technical support and institutional interest, XRP continues to gain momentum in the evolving financial landscape.
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