XRP News Today: XRP Surges 60% as Ripple Expands into Traditional Finance

XRP has experienced a significant surge in value, increasing by 60% over the past month. This rally has outpaced major cryptocurrencies such as Bitcoin, Ethereum, Solana, and Dogecoin. However, the surge led to some confusion, particularly when popular media figure Dave Portnoy sold his XRP holdings, mistakenly believing that Circle, the company behind the stablecoin USDC, was directly competing with Ripple.

This misunderstanding was costly for Portnoy, as XRP continued to rise by an additional 38% in just two weeks following his sale. The confusion arose just after Ripple officially applied for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC), indicating its serious intent to expand into traditional finance, similar to Circle's efforts.

Crypto lawyer John Deaton stepped in to clarify the situation, emphasizing that XRP, the token, is not in direct competition with Circle. He explained that Ripple, the company behind XRP, is entering the stablecoin market with its new asset RLUSD, not XRP itself. Deaton noted that while Ripple and Circle operate on the same fintech infrastructure layer, XRP is designed for liquidity and cross-border payments, not as a stablecoin rival.

Ripple's introduction of RLUSD, its own stablecoin, aims to capture a share of the growing tokenized financial assets market. Ripple has already partnered with major institutions such as Anondo Finance, which is linked to JPMorgan, BlackRock, and Chase, positioning RLUSD for rapid adoption. Analysts have highlighted that confusing Ripple’s business ventures with XRP’s use case is a common mistake that can lead to misinformed trading decisions.

XRP's recent price action has been notable, breaking above the $2.32 resistance level, which is aligned with the 200-day moving average. A “momentum up” buy signal was triggered by the XTLGO trading software around $2.40, and since then, XRP has gained over 43%. The token recently touched $3.65 before pulling back to $3.45, indicating a healthy correction after its steep run.

Despite years of criticism, staying committed to top-10 assets like XRP has proven beneficial. Analysts recall XRP’s prolonged stagnation below $2.25 and how the $2 level was seen as the new accumulation zone. While volume typically dips during weekends, analysts are eyeing Monday for a potential continuation of the rally as institutional volume returns.

In summary, XRP's recent rally can be attributed to Ripple's strategic moves, including the launch of RLUSD and the application for a national banking license. These developments have clarified XRP’s distinct role in the market, differentiating it from stablecoins and positioning it for further growth in the traditional finance sector. The confusion surrounding XRP's competition with Circle has been addressed, and the market is now better informed about Ripple's expanding role in the financial ecosystem.