XRP aims for $5 amid various bullish developments, including ETF approval and technical patterns. Analyst Gordon identifies a massive cup and handle pattern on the weekly chart.
ProShares XRP ETF will officially operate on July 18 after being clarified legally. Additionally, the ISO 20022 standard launches on July 14, supporting the integration of RippleNet with global banking systems.
XRP price analysis shows a 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 at $5.20 upon completion, signaling strong growth fluctuations.
According to analysis, Bitcoin's dominance has weakened as the weekly MACD trend shifts to bearish. The most recent event has led to ETH surging and XRP reaching new highs. Altcoins have previously grown 5-10 times under similar market conditions.
Technical signals indicate preparation for altcoin season across the market, and investors are awaiting further confirmation signals. In the past, decreasing Bitcoin dominance has led to significant altcoin price surges.
XRP continues the growth momentum of altcoins as the dominance trend declines. The technical trends are also supporting the potential for price increases.
The weekly timeframe provides more reliable signals compared to short-term charts, with a target of $5.20 when the pattern completes and a successful breakout occurs.
ProShares XRP ETF 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 highlighted 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 are approved for public trading. This timeline signifies legal transparency, paving the way for adoption by major organizations.
ETF approval provides large investors with the opportunity to invest in XRP without necessarily holding the token, with conventional investment products attracting more investors into the crypto space.
The launch of ProShares' ETF comes at the right time as XRP's technical chart shows breakout signals. The involvement of institutions through the ETF product can create a stable foundation for XRP.
As legal barriers are lifted, investment organizations can easily access the market. Previously, the launch of ETFs related to Ethereum and Bitcoin significantly boosted prices. Therefore, XRP ETFs are also expected to attract equivalent capital flows from major institutions.
The benefits of implementing ISO 20022 and the integration capability of RippleNet.
The ISO 20022 standard officially takes effect on July 14, applicable to XRP, Stellar, Algorand, and Cardano.
Dan Gambardello emphasized 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 synchronize 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, unified 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, is now operating under ISO 20022, integrating the U.S. financial infrastructure with SWIFT and Europe. This opens up opportunities for compliant blockchain networks to integrate into the global financial system.
RippleNet, Ripple's enterprise-grade network for banks and payment service providers, has achieved ISO 20022 compliance. Although XRP – the native token of this network – does not comply with the ISO format, it serves as a bridge asset in RippleNet's compliance system.
As crypto tokens do not use a messaging standard, they cannot directly comply with ISO 20022. However, RippleNet's compliance with this standard allows XRP to be utilized in the standardized financial communication system. As global payment systems are upgraded, it will become easier for financial institutions to integrate RippleNet.
Expanding 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.
