Ripple (XRP) Price Shows Bullish Potential Amid Macroeconomic Uncertainty
Ripple’s XRP is showing signs of a potential price surge, currently trading around $2.37, a 3% increase. This positive movement occurs amidst growing macroeconomic uncertainty, fueled by potential tariffs from the U.S.
Ripple Selects Bank of New York Mellon for RLUSD Stablecoin Reserves
Ripple, the company behind XRP, has chosen Bank of New York Mellon (BNY), a well-known global services institution, as the primary custodian for its Ripple USD (RLUSD) stablecoin reserves. This is good news for Ripple.
RLUSD aims to stand out from other stablecoins by being regulatory compliant, transparent, and institution-focused. The token, pegged to the U.S. Dollar (USD), is issued under a Trust Company Charter from the New York Department of Financial Services (NYDFS).
“Ripple USD addresses a critical gap in the market as a stablecoin developed for enterprise-grade financial use cases, designed to meet the rigorous standards of major financial institutions,” said Jack McDonald, SVP of Stablecoins at Ripple.
Ripple has been actively expanding its stablecoin infrastructure, forming strategic partnerships beyond the U.S., particularly in Europe and Asia. The company aims to bridge traditional finance and the digital currency ecosystem, potentially capturing a significant portion of the global SWIFT system volume.
Interest in the token has also increased in recent weeks, with the Open Interest (OI) of XRP futures rising to $4.98 billion from $3.54 billion on June 23. OI represents the value of all outstanding futures and options contracts. This nearly 30% increase indicates trader confidence in the token, with bets on future price increases driving risk appetite.
Technical Outlook: XRP Breaks Out, Targets $2.76
XRP’s price is currently in a short-term bullish phase, supported by growing interest in the derivatives market. The token has shown multiple bullish technical signals on the 8-hour chart, starting with a Golden Cross pattern.
A Golden Cross is a bullish formation where a short-term moving average crosses above a long-term moving average. For example, the 50-period Exponential Moving Average (EMA) is currently above the 200-period EMA, strengthening the bullish structure.
Traders are likely looking for exposure, as the Moving Average Convergence Divergence (MACD) indicator has maintained a buy signal since Sunday. Expanding green histogram bars above the midline suggest the bullish outlook may sustain the recovery in the coming sessions.
A recently confirmed breakout from an Inverse Head and Shoulders pattern estimates an 18% move towards $2.76. This target is determined by measuring the height of the pattern and extrapolating it above the breakout point.
However, XRP may face resistance at $2.40, a level that limited price action around June 20. A trend reversal from this level, or slightly higher, could be driven by potential profit-taking and a shift in market dynamics, especially with tariff-related uncertainty looming.
Key levels to watch for tentative support include the confluence formed by the 50-period EMA and the 200-period EMA at $2.22, the 100-period EMA at $2.21, and the area around $2.20, which was tested on July 5.
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