XRP Bullish Pattern And Bank License Trigger Rally

XRP Bullish Pattern And Bank License Trigger Rally


Key point:

Ripple Labs CEO Brad Garlinghouse said in a post on X that the company “is applying for a national bank charter” from the Office of the Comptroller of the Currency (OCC). 

Garlinghouse added that the firm would come under federal and state oversight if the license is approved. That would create a “new (and unique!) benchmark for trust in the stablecoin market.”

Could XRP (XRP) benefit from the news and break out of its overhead resistance? Let’s analyze the charts to find out.

bybit

XRP price prediction

XRP rebounded off the 20-day exponential moving average ($2.19) on Wednesday and broke above the 50-day simple moving average ($2.23). That suggests the bulls are trying to gain the upper hand.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The XRP/USDT pair could rise to the $2.34 level, which is likely to pose a strong challenge. If the price turns down from $2.34 and breaks below the 20-day EMA, it signals that bears are selling on rallies. That may keep the pair inside the $2.34 to $2 range for a while.

Contrary to this assumption, if the price pierces the $2.34 level, it opens the doors for a rally to the overhead resistance of $2.65. Sellers are expected to defend the $2.65 level with all their might because a break above it could start a new up move toward $3.

Related: Here’s what happened in crypto today

XRP/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has formed a bullish inverse head-and-shoulders pattern, which will complete on a break and close above the neckline. If that happens, the pair could rally to $2.42 and then to the pattern target of $2.76.

This positive view will be invalidated in the near term if the price turns down from the neckline and breaks below the $2.14 support. That increases the risk of a fall to $2.07.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Ico-Investor
Changelly
Ico-Investor
XRP Bullish Pattern And Bank License Trigger Rally
bybit
undefined
Fiverr
XRP 'Healthy Correction,' Ether Supply Decline: Hodler's Digest
Hyperlane’s Warp Routes 2.0 Sends HYPER to New All-Time High
Ether May Soon Outperform Bitcoin: Michael Novogratz
3 Token Unlocks to Watch In the Last Week of June 2025
Altseason Surges On After Binance Futures Volume Hits $100B
Hedera (HBAR) Gains 5% But Faces Bearish Challenges Ahead
Blockfi
Blockfi
EigenLayer Brings Multichain AVS Support to L2 Networks
ASIC Issues Warning Over Bitget's 'Unlicensed' Crypto Futures Products in Australia
BNB High Boosts CZ’s Holdings to $75.8 Billion
Bitcoin Price Poised To Form New Highs in August as Sell-Side Risk Remains Low
EigenLayer Brings Multichain AVS Support to L2 Networks
ASIC Issues Warning Over Bitget's 'Unlicensed' Crypto Futures Products in Australia
BNB High Boosts CZ’s Holdings to $75.8 Billion