Ripple’s Banking License Application Fuels XRP Rally Potential
xrp-price-pennant-breakout-targets-3-20/” title=”ripple” class=”auto-link”>Ripple Labs has applied for a US banking license, sparking optimism among XRP holders. CEO Brad Garlinghouse announced the move on X, detailing plans to secure a national bank charter from the Office of the Comptroller of the Currency (OCC). Approval would subject Ripple to federal and state oversight, potentially boosting confidence in XRP.
Technical Indicators Suggest Bullish Momentum
Recent price action shows XRP rebounding from the 20-day exponential moving average and surpassing the 50-day simple moving average. These developments signal growing bullish sentiment. Traders are eyeing key resistance at $2.34, with a potential rally to $2.65 if this level breaks.
Bullish Chart Pattern Emerges
The XRP/USDT 4-hour chart reveals an inverse head-and-shoulders pattern, a classic bullish signal. A confirmed breakout above the neckline could push prices toward $2.42, with a pattern target of $2.76. However, failure to hold support may lead to consolidation between $2.34 and $2.00.
Key Developments
- Ripple Labs seeks US banking license through OCC
- XRP shows technical strength with key moving average breaks
- Inverse head-and-shoulders pattern suggests upside potential
