- XRP broke past $2.28 resistance, with rising volume and MACD crossover suggesting early bullish momentum.
- Ripple’s bank charter application could boost institutional XRP use and revive ETF speculation.
- Total XRP holders hit 6.63M as daily active addresses stabilize, indicating strong long-term investor confidence.
On July 8, at press time, XRP was trading at $2.26, a 1.83% rise over the previous 24 hours. Weekly gains are at 3.41%, while the monthly performance is at 4.05%. XRP’s market cap increased by 1.74%, reaching $134 billion.
Trading volume surged by 129.65%, totaling to $2.68 billion, indicating increased activity. Its fully diluted valuation hit $226.86 billion. The 24-hour volume to market cap ratio is at 2%, while the circulating supply was 59.06 billion out of a total supply of 99.98 billion XRP.
This movement comes amid Ripple’s application for a national banking license in the United States, a potential milestone for institutional use.
Bank Charter Push Fuels Institutional Speculation
Ripple filed for a national bank charter with the U.S. Office of the Comptroller of the Currency on July 2. This license would allow Ripple to operate as a federally regulated trust bank. If approved, it could expand institutional adoption of XRP, particularly for cross-border transactions and stablecoin-related services.
The application has also renewed discussions surrounding a possible U.S. XRP spot ETF and potential access to Federal Reserve infrastructure. Additionally, optimism over the legal status of XRP has grown, with some analysts expecting the SEC appeals process to ease once the charter application progresses.
Technical Resistance and Volume Activity
XRP recently broke above a key resistance at $2.28, supported by a trading volume peak of 67 million XRP per hour. Despite this, technical indicators suggest caution. The RSI is at 56.18, indicating neutral-to-slightly bullish momentum.
MACD values show weak bullish strength, with the line just crossing above the signal at 0.0146. A flattening price base between $2.20 and $2.30 suggests possible accumulation, though conviction appears limited due to modest volume activity.
XRP’s 50-day moving average now curves upward at $2.23, while the 200-day moving average remains flat at $2.19.
On-Chain Metrics Show Stabilization as Price Attempts Recovery
Supporting factors include Mercado Bitcoin’s plan to tokenize $200 million in assets using the XRP Ledger. Daily active addresses stabilized around 14,900, showing the market may be waiting for new developments.
Meanwhile, XRP’s total holder count continues climbing, reaching 6.63 million. This steady rise shows ongoing interest despite price corrections from the January peak of $3.38. XRP is trading above both key moving averages, suggesting it may be positioned for a directional move if momentum builds.
Potential Prices for July 08
If XRP sustains momentum and breaks above $2.30 with supporting volume, it may reach between $2.38 and $2.42. However, failure to hold $2.23 could lead to a decline toward $2.18 or even $2.10, especially if activity metrics weaken.
Final Overview
XRP’s short-term movement depends on both technical performance and Ripple’s regulatory advancements. Volume shifts and address activity will likely guide upcoming price direction within the $2.20 to $2.30 consolidation zone.
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