XRP Price Surge: Ripple and BNY Mellon Partnership Boosts Market Confidence
The XRP price surged by 12% following the announcement of a strategic partnership between Ripple and BNY Mellon, America’s oldest bank. This collaboration designates BNY Mellon as the primary custodian for Ripple USD (RLUSD), Ripple’s stablecoin, potentially enhancing XRP‘s utility as RLUSD adoption may shift from Ethereum to the XRP Ledger (XRPL).
Why This Partnership Matters for XRP
The deal signals growing institutional support for XRP, with analysts predicting further price increases. Technical charts show bullish patterns, suggesting XRP could reach $2.87 or even $3.72 if current trends continue.
- BNY Mellon’s involvement boosts credibility
- RLUSD’s potential shift to XRPL could increase XRP’s utility
- Bullish technical indicators suggest significant upside
Expert Insights on XRP’s Future
“Ripple is playing the long game, focusing on utility to drive XRP’s value,” says Crypto Eri, a noted analyst. The integration of smart contracts on XRPL could make RLUSD a more competitive stablecoin, offering faster and cheaper transactions than Ethereum.
Market Reactions and Technical Analysis
Traders are optimistic, with XRP breaking key resistance levels. A descending triangle breakout on the 3-day chart hints at a potential rise to $3.72 by August, according to analyst Mikybull Crypto.
