XRP is currently trading above the significant $3.00 psychological support level, following a notable rally that propelled its price to $4.00 earlier. This upward movement represents a successful bullish retest of the cryptocurrency’s breakout from a multi-year technical wedge pattern.
Market sentiment appears strengthened by substantial whale activity, highlighted by a significant holder closing a major $1.35 million short position precisely at $2.9959. This action signals a shift towards expectations of further price gains.
Adding fundamental impetus is Ripple’s confirmed application for a banking charter through the Office of the Comptroller of the Currency (OCC). Market observers anticipate that securing this license would substantially boost Ripple’s institutional legitimacy and operational scope, potentially driving greater value into the XRP ecosystem.
Technical measures further support the positive outlook. Critical indicators like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) display flattening trends on higher timeframe charts, aligning with the current bullish structure.
The established $2.80-$3.00 price range is recognized as a crucial zone of support. If XRP maintains its position above this zone, technical analysis points towards potential price targets in the vicinity of $3.80-$4.00.