XRP is targeting $5 amidst various bullish developments, including ETF approval and technical patterns. Analyst Gordon identifies a massive cup and handle pattern on the weekly chart.
The ProShares XRP ETF will officially operate on July 18 after being clarified legally. Additionally, the ISO 20022 standard launches on July 14, supporting RippleNet's integration with global banking systems.
XRP price analysis shows strong breakout with a cup and handle pattern.
Analyst Gordon identifies a massive cup and handle pattern forming on XRP's weekly chart. This technical pattern targets a breakout level of $5.20 upon completion, signaling strong growth movements.
Analysis indicates that Bitcoin's dominance has weakened as the weekly MACD shifts into a downtrend. The latest events led to ETH surging and XRP reaching new highs. Altcoins have previously surged 5-10 times under similar market conditions.
Technical signals indicate readiness for an altcoin season across the market, and investors are awaiting further confirmation signals. In the past, a decline in Bitcoin's dominance has often led to major bullish runs for altcoins.
XRP continues the growth trend of altcoins as dominance trends decline. Technical trends are also supporting bullish potential.
The weekly timeframe provides more reliable signals compared to short-term charts, with a target of $5.20 upon completion of the pattern and successful breakout.
ProShares XRP ETF has been approved.
ProShares' XRP ETF officially launched on July 18 after years of legal disputes. The Wolf Of All Streets announced the confirmation date for the ETF launch. Attorney John E Deaton also emphasized the two-year timeline since the federal court ruling.
Two years ago, a federal judge ruled that XRP is not a security. This ruling came after 75,000 XRP holders fought for legal transparency.
Two years later, XRP ETFs have been approved for public trading. This timeline indicates legal transparency, paving the way for adoption by large organizations.
ETF approval offers large investors an opportunity to invest in XRP without necessarily holding the token, with conventional investment products likely to attract more investors into the crypto space.
The launch of ProShares' ETF comes at the right moment as XRP's technical chart shows breakout signals. Institutional participation through the ETF product could create a stable foundation for XRP.
As legal barriers are lifted, investment organizations will find it easier to access the market. Previously, the launch of ETF funds related to Ethereum and Bitcoin had driven prices up significantly. Therefore, the XRP ETF is also expected to attract similar capital flows from large institutions.
The benefits of implementing ISO 20022 and the potential for integrating RippleNet.
The ISO 20022 standard officially takes effect on July 14, applicable to XRP, Stellar, Algorand, and Cardano.
Dan Gambardello has highlighted the importance of ISO 20022 for integrating blockchain technology into the global financial system. With the U.S. Fedwire transitioning to this new standard, the U.S. financial system will sync with Europe.
ISO 20022 is not a digital currency or blockchain, but a financial messaging standard that allows financial institutions to exchange information in a modern, standardized format. Adopting this standard helps upgrade global payment systems from traditional methods to modern encrypted communication.
The U.S. Fedwire Funds system, which processes trillions of USD in payments, now operates under ISO 20022, integrating the U.S. financial infrastructure with SWIFT and Europe. This opens opportunities for compliant blockchain networks to integrate into the global financial system.
RippleNet, the enterprise-grade network of Ripple for banks and payment service providers, has achieved ISO 20022 compliance. Although XRP – the native token of this network – does not conform to the ISO format, it serves as a bridge asset in RippleNet's compliance framework.
Due to cryptocurrency tokens not using a messaging standard, they cannot directly comply with ISO 20022. However, RippleNet's compliance with this standard allows XRP to be utilized in a compliant financial communication system. As global payment systems are upgraded, it will become easier for financial institutions to integrate RippleNet.
The expansion of the RippleNet network will create new payment corridors, thereby increasing the demand and value of XRP. This is a foundational step for deeper integration between crypto and the banking system in the future.