The XRP

XRP

€2.06

has risen by more than 11.75% over the past week, moving from USD 2.15 to USD 2.40 after Ripple's partnership with the oldest bank in the United States, BNY Mellon.

The addition of BNY Mellon to Ripple boosts the utility of XRP

On July 1, Ripple appointed BNY Mellon as the primary custodian of its stablecoin, Ripple USD (RLUSD).

RLUSD has been launched on both the Ethereum blockchain and the XRP Ledger (XRPL), but approximately 87% of its current activity remains concentrated on Ethereum, according to data from DefiLlama.

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Demand for XRP could increase if XRPL manages to capture market share from Ethereum in the stablecoin space. Traders may have valued this potential, considering the agreement with BNY Mellon as a sign of increasing institutional support.

The XRP aims for a 20% increase

The XRP has surpassed the neckline of an inverted head and shoulders pattern on the daily chart, indicating a bullish reversal setup.