XRP Dips Slightly as Global Uncertainty Weighs, Yet Ripple’s U.S. Banking Plans Keep Bullish Hopes Alive
XRP slipped just over 1% on Friday, reflecting cautious sentiment in crypto markets driven by ongoing global challenges. Despite this modest decline, the token’s price structure remains solid, staying above key support levels that suggest the broader upward trend is still intact.
Higher lows above the crucial $2.20 mark continue to signal underlying strength for XRP, keeping bulls encouraged even amid a choppy market backdrop.
Confidence in XRP’s longer-term prospects persists, supported by Ripple’s regulatory initiatives. The company’s pursuit of a U.S. banking license and speculation around an XRP-based ETF are major factors maintaining positive sentiment among traders and investors.
Market Background and Developments
- Broader market jitters persist due to geopolitical risks and economic uncertainty.
- Ripple’s move to secure a national banking charter from the Office of the Comptroller of the Currency (OCC), alongside its application for a Federal Reserve master account, is a significant step that could integrate crypto more directly with traditional finance.
- If successful, Ripple would become the first crypto-native firm with direct access to Federal Reserve payment systems—a major milestone for the industry.
- Technical indicators highlight XRP’s continued pattern of higher highs and higher lows, reflecting ongoing bullish momentum.
- With Ripple reportedly working with over 50 countries on using XRP as a bridge currency for central bank digital currencies (CBDCs), traders increasingly speculate about a possible run to the $10 mark or higher.
XRP Technical Picture
- Between July 4 at 03:00 and July 5 at 02:00, XRP declined by 1.07%, falling from $2.243 to $2.219, trading in a range of $0.052 (2.32%).
- Significant selling activity occurred during the 07:00 and 14:00 periods, with trading volumes exceeding 56 million tokens. Buyers established support around $2.209, helping to steady prices.
- A brief rebound pushed XRP to $2.230 between 21:00 and 22:00 on higher-than-average volume, though gains were short-lived as selling resumed.
- In the last hour of trading, from 01:06 to 02:05 on July 5, the price slipped another 0.35%, declining from $2.225 to $2.217.
- A sharp drop at 01:12 sent the token down to $2.221, accompanied by substantial trading volume above 418,000 tokens.
- The market found temporary support at $2.216 around 01:29, followed by a quick bounce at 01:59 that saw nearly 249,000 tokens traded, lifting prices slightly back to $2.219.
