XRP Traders Eye $10 as Ripple’s U.S. Banking Bid Builds Market Optimism

XRP has shown signs of consolidation after a recent rally, experiencing a slight pullback of 1.07% amid global economic uncertainty. Despite this dip, the price action remains constructive, with higher lows forming above $2.20, which has emerged as a key short-term support level.

Ripple's Regulatory Push

While the broader cryptocurrency market faces headwinds due to geopolitical and trade tensions, XRP's long-term outlook is supported by Ripple's ongoing pursuit of regulatory clarity and deeper integration into the financial system. Ripple's application for a U.S. national banking license with the OCC, coupled with a separate bid for a Federal Reserve master account, could grant the firm direct access to the Fed's payment systems. This could be a game-changer for a crypto-native company.

Analysts are also observing bullish signals, with XRP forming higher highs and higher lows across various timeframes. Further momentum could be triggered if Ripple secures ETF approval or achieves significant regulatory breakthroughs. XRP is being considered by over 50 countries for Central Bank Digital Currency (CBDC) bridge infrastructure.

$10 Target?

Market observers are discussing the possibility of a move to $10 or even higher, contingent on sustained institutional adoption and favorable market conditions.

Technical Analysis Snapshot

• XRP experienced a 1.07% decline in the last 24 hours, moving from $2.243 to $2.219.
• Strong selling pressure was observed during the 07:00 and 14:00 hours, with volume spikes surpassing 56 million units.
• Key support was established at $2.209.
• A temporary recovery attempt between 21:00-22:00 saw the price climb to $2.230 on above-average volume.
• The asset experienced a further decline of 0.35% in the last 60 minutes.
• A significant sell-off occurred at 01:12.

Key Takeaways

• XRP is consolidating after a recent rally but maintains a bullish structure.
• Ripple's regulatory efforts and potential banking license are driving long-term optimism.
• A move to $10 is possible with sustained institutional adoption and regulatory breakthroughs.