Key Points:
Ripple Labs' application for a U.S. banking license serves as a catalyst for the rise of XRP, providing momentum for its potential increase to $2.65.
Ripple Labs CEO Brad Garlinghouse stated on X (formerly Twitter) that the company is "applying for a national bank charter with the Office of the Comptroller of the Currency (OCC)."
Garlinghouse added that once approved, the company will be subject to both federal and state regulations. This will establish a "new and unique trust benchmark" for the stablecoin market.
Can XRP (XRP) break through the upper resistance with this positive news? Let's find the answer through chart analysis.
On Wednesday, XRP found support near the 20-day exponential moving average ($2.19) and rebounded, subsequently breaking through the 50-day simple moving average ($2.23), indicating that bulls are trying to take control.
The XRP/USDT trading pair is expected to rise to $2.34, where it is anticipated to face strong resistance. If the price falls back from $2.34 and breaks below the 20-day EMA, it would indicate that bears are actively selling during the rebound, potentially leading the trading pair to oscillate between $2.34 and $2.00 for a while.
If the price breaks above $2.34, it is likely to further test the resistance level at $2.65. Sellers are expected to focus on defending the $2.65 mark, and if it breaks, it could initiate a new upward trend targeting $3.
The trading pair has formed a bullish inverse head and shoulders pattern, which will be confirmed if it breaks and closes above the neckline, at which point the price is expected to rise to $2.42, followed by a push towards the pattern target of $2.76.
If the price falls back from the neckline and breaks below the support at $2.14, the short-term bullish outlook will be negated, increasing the downside risk, and the price may retreat to $2.07.
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Original: “Ripple Applies for U.S. Banking License, Chart Pattern Fuels Potential Rally to $2.65”
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