XRP Surges 8.42% as Ripple Partners With BNY Mellon, ETF Buzz and Trading Volume Top $6.6B

XRPUSDT has experienced an 8.42% price increase over the past 24 hours, currently trading at 2.6450 on Binance. This surge is primarily attributed to several bullish developments, including Ripple’s newly announced partnership with BNY Mellon as custodian for its RLUSD stablecoin, growing discussions around a potential ProShares XRP ETF, and Ripple’s pursuit of a U.S. bank license. Additional momentum comes from technical factors, with XRP breaking out of a descending wedge pattern and increased redistribution from long-term holders to new participants, as reflected by the average daily distribution of $68.8 million worth of XRP in early July. Market activity has intensified, with 24-hour trading volume rising sharply to over $6.6 billion and market capitalization exceeding $150 billion, reinforcing the positive trend and heightened investor interest in XRP.