"XRP, Long-Term Optimism after Ripple Applies for U.S. Banking License... Defending $2.20 Support Level"
Summary
- Ripple has reportedly applied for a banking license in the U.S., and growing ETF expectations have triggered long-term optimism for XRP.
- XRP has maintained support at the $2.20 level and reported a surge in trading volume to over 56 million XRP.
- XRP is being considered as CBDC infrastructure in over 50 countries, and with potential ETF approval, institutional demand could increase, with some forecasts predicting a break above $10.
Following Ripple's application for a banking license in the United States and growing expectations for an Exchange-Traded Fund (ETF), analysis suggests that long-term optimism for XRP is emerging.
On the 5th (local time), CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), reported, "XRP fell by about 1% the previous day, but is maintaining an upward trend with higher highs and lows while being supported at the $2.20 level." The report also stated that the previous day's trading volume surged to over 56 million XRP.
The media added, "Currently, in over 50 countries worldwide, XRP is being considered as infrastructure to connect Central Bank Digital Currencies (CBDCs). If the possibility of ETF approval is added, institutional investor demand could grow significantly. Some analysts predict that in this case, XRP could surpass $10."
Previously, Ripple had recently applied for a banking license with the U.S. Office of the Comptroller of the Currency (OCC), and had separately applied for a master account with the U.S. central bank (Fed).
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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