The cryptocurrency XRP is currently hovering around the $3 mark, with the community eagerly anticipating a pivotal decision from the SEC regarding Ripple’s appeal withdrawal.
If the U.S. Securities and Exchange Commission approves this withdrawal, many experts believe that XRP may burst through the $3.30 resistance level and aim for $3.50, with optimistic forecasts suggesting a possible rise all the way to $4.80 fueled by a surge in bullish momentum.
The Relative Strength Index (RSI) indicates a balanced market stance, while the Moving Average Convergence Divergence (MACD) shows potential for a bullish crossover. These indicators suggest that a breakout could be on the horizon, provided investor sentiment is swayed by favorable regulatory developments.
Growing Global Support for XRP: Japan and South Korea Lead the Way
Around the globe, interest in XRP is gaining momentum. Notably, Japan’s SBI Holdings has filed to introduce the nation’s first Bitcoin/XRP ETF, signaling robust institutional faith in this cryptocurrency.
SBI Holdings is also committed to acquiring up to $1 billion in XRP as part of its strategy for treasury diversification, reflecting the increasing institutional interest.
In addition, South Korea’s BDACS, a regulated cryptocurrency custodian, has integrated XRP, which enables institutional investors to access significant Korean exchanges like Upbit and Coinone in a compliant manner.
This development provides XRP with a regulatory framework that could enhance its appeal in one of the most dynamic crypto markets in Asia, perfectly aligning with South Korea’s upcoming initiatives to launch spot crypto ETFs by H2 2025.
The Future of Ripple: National Trust Bank and Community Initiatives on the Horizon
Ripple is focused on more than just price predictions for its token. The firm has officially submitted an application to establish the Ripple National Trust Bank in New York, with the aim of providing institutional liquidity and facilitating global settlement via XRP and its stablecoin, RLUSD.
This federally chartered bank could revolutionize how Ripple interacts with the U.S. financial landscape by eliminating the need for intermediaries such as ACH and FedWire.
In addition, Ripple has launched a new XRP Rewards Event, aiming to bolster community participation. Although details are still emerging, this initiative has rekindled interest in XRP’s long-term prospects, particularly among devoted holders.
With broader institutional acceptance, improved regulations in Asia, and the possibility of SEC leniency in the United States, XRP has the potential to exceed $4, and even reach $4.80, should bullish trends continue.
Cover image credited to ChatGPT, XRPUSD chart sourced from Tradingview
