Ripple's decision to apply for a U.S. national bank charter has sparked new interest in XRP's market operations. This move is seen as a significant step towards deeper engagement with traditional financial institutions.

According to RipplePundit, this application could mark a turning point in Ripple's strategy. It demonstrates an intention to create greater regulatory clarity for its services and enhance the use of XRP in the banking sector.

Since the announcement, the price of XRP has increased from $2.26 to $2.80, rising over 26% in just one week. Trading volume surged to over $14.8 billion, reflecting growing interest from both retail and institutional investors.

XRP maintains a solid support level at $2.15 before breaking through the resistance level of $2.35. This development is seen as an important signal indicating the strength of the asset's short-term trend.

RipplePundit points out strong technical signals supporting this move. The 50-day simple moving average around $2.25 has provided stable support during this bullish phase.

The Relative Strength Index is currently at 52, indicating that XRP still has room to grow before entering overbought territory. Technical traders are closely monitoring the potential for another breakout.

Institutional Demand and Whale Accumulation Push XRP to Higher Targets

RipplePundit has highlighted the emergence of an ascending 'stair-step' channel on XRP's price chart. This structure reflects steady growth, supported by accumulation phases and stable floor prices.

On-chain data shows an increase in buying positions and whale wallet activity. These signals are often associated with growing confidence from large holders, anticipating the next growth momentum.

Ripple's application for a banking license could also open up new demand for institutions. Financial companies may find XRP more attractive as it operates under national legal frameworks.

Analysts believe that XRP is on track to retest the previous high of $3.39. If other driving factors, such as ETF approval, emerge, XRP could move towards the $10 mark in the medium term.

Conclusion

Ripple's application for a license has reinforced XRP's market outlook. Supported by technical backing and institutional interest, XRP continues to thrive in a volatile financial environment. $XRP