XRP rallied past a key resistance level early Monday, fueled by strong buying interest and renewed optimism following Ripple’s application for a U.S. national bank charter. The token rose more than 2.36% over the past 24 hours, with trading volume surging as investors positioned for a potential shift in Ripple’s regulatory status.
Between 6 July 03:00 and 7 July 02:00, XRP climbed from $2.21 to $2.26, with hourly trading volume peaking above 67 million as price action broke through the crucial $2.28 resistance zone. In the final hour of the session, XRP added another 2.29%, closing at $2.27, just shy of its session high.
Ripple’s bank license drives sentiment
The rally comes in the wake of Ripple Labs’ July 2 application for a national bank charter with the U.S. Office of the Comptroller of the Currency (OCC). If granted, the charter would allow Ripple to operate as a federally regulated trust bank — a milestone that analysts believe could bring institutional adoption of XRP closer to reality.
Such approval could also enhance Ripple’s role in global payments and stablecoin issuance, and potentially pave the way for a U.S.-listed XRP spot ETF and Fed master account access, both long-speculated catalysts for the token.
Support and resistance levels in focus
Technical indicators showed accumulation building at the $2.24–$2.25 support range, where buyers repeatedly absorbed selling pressure. The breakout gained steam at 10:00, with price vaulting through $2.28 on heavy volume, confirming bullish intent.
XRP traded within a daily range of about $0.08 (3.62%), with strong upward momentum evident in the final hour as price spiked past $2.26, setting a local high at $2.27.
Looking ahead, analysts see next resistance in the $2.29–$2.30 range, with upside targets between $2.60 and $3.40, should momentum carry the token through the $2.38 breakout zone.
Market outlook
Ripple’s move to seek a bank charter marks a significant step toward bridging traditional finance and blockchain, boosting investor confidence in XRP’s long-term prospects. With technical support holding firm and volume climbing, traders are watching closely to see if XRP can sustain its gains and challenge higher resistance levels in the sessions ahead.