Ripple has submitted an application for a national banking license in the United States. CEO Brad Garlinghouse announced this via X. The news immediately led to more movement around XRP, the corresponding Crypto currency of Ripple. Is this the start of a serious rally towards $ 2.65?
Ripple Step closer to bank status in the US
Garlinghouse said that Ripple would come under the supervision of both federal and local regulators. “That would create a new and unique measure of trust in the Stablecoin market,” he wrote.
The XRP course rose after the announcement and seems to be working on a possible outbreak. On Wednesday, the rate from the 20-day advancing average of $ 2.19, and shortly thereafter broke the 50-day average at $ 2.23. That indicates that buyers try to get the upper hand again.
The first major resistance for XRP is around $ 2.34. If the race does not break through, the coin will probably continue to fluctuate between 2 and $ 2.34. If it is possible to exceed that level, then an increase towards $ 2.65 will come into the picture. A convincing breakthrough above that point can even be the start of a new upward trend towards 3 dollars.
XRP under pressure as pattern fails
An inverse head-and-shoulder pattern can be seen on the 4-hour graph, a classic bullish signal. If XRP breaks out and closes above the neckline, a rate of $ 2.76 is within reach. This first looked at $ 2.42 as an intermediate step.
Yet there are also risks. If the course deviates from the positive pattern and drops under 2.14 dollars, a fall threatens to $ 2.07. In that scenario, the Bears would take the initiative again.
According to many, Ripple’s step towards a banking license gives extra legitimacy to the company and the crypto coin. Whether that is enough to pull XRP through the important resistors must be seen in the coming days.
Source: https://newsbit.nl/ripple-jaagt-op-amerikaanse-banklicentie-zet-xrp-koers-nu-door-naar-265-dollar/
