thenewscrypto.com
- XRP surged 8% in the past 24 hours, rebounding from $2.21 to an intraday high of $2.40.
- Bank of America is set to use XRP for internal transactions and has filed 83 blockchain patents.
During the Asian trading hours, while the global crypto market is still facing a steep decline since Tuesday, the knock-on effects have not faded. However, Ripple’s native cryptocurrency, XRP, surged around 8% in the last 24 hours.
After a significant dip from the $2.50 zone to around $2.21, XRP has made a strong recovery, reaching an intraday high of $2.40 with a market cap of $135 billion.
The rally in XRP comes following key announcements, including Ripple’s growing presence in the financial industry. According to David Stryzewski, CEO of Sound Planning Group, Bank of America has adopted the altcoin for its internal transactions. Stryzewski revealed that the bank has also filed 83 patent applications related to blockchain technology, positioning the crypto as a crucial financial asset for the future.
Further fueling the optimism, Ripple President Monica Long recently shared insights in a Bloomberg interview, hinting at the potential launch of an XRP exchange-traded fund (ETF) as U.S. legislation on crypto continues to evolve. She believes XRP could soon join Bitcoin and Ether as part of this trend. Ripple is also focusing on expanding its RLUSD stablecoin across more exchanges, a move expected to enhance its position in the global financial landscape.
However, the future remains uncertain due to possible delays in the ongoing SEC vs. Ripple case and potential agency changes with the upcoming departure of SEC Chair Gary Gensler.
XRP Price Rebounds with Bullish Momentum
At the time of writing, XRP is trading at $2.29, following a recent rally of 8% that reversed a 12% dip over the previous two days. Further, the altcoin outperformed the broader crypto market, which saw a 1.51% drop, taking the total market cap to $3.3 trillion. However, XRP’s trading volume has decreased by 4.35%, currently standing at $8.05 billion.
Looking ahead, the Relative Strength Index (RSI) indicates strong bullish momentum, while the Stochastic Oscillator shows a slightly bullish trend on the 4-hour chart, currently at 59.74.
XRP faces resistance near its all-time high of $3.55 and the psychological $3.00 level. If a daily candlestick closes above $2.7, it will validate the bullish thesis and send the cryptocurrency toward $3.