XRP Surges 7.697% Amid ETF Speculation and Banking License Bid

XRP's latest price was $2.73, up 7.697% in the last 24 hours. The cryptocurrency has been the subject of significant market speculation and institutional interest, with several key developments driving its momentum. The potential approval of a BlackRock XRP ETF has garnered considerable attention, as industry insiders suggest that a filing could be imminent. This speculation has been fueled by Ripple's ongoing legal developments with the U.S. Securities and Exchange Commission, which may pave the way for regulatory clarity and heightened institutional investment.

XRP-linked ETFs such as XXRP and UXRP have shown steady inflows, indicating growing investor confidence and readiness for regulated crypto products. The DTCC has listed the ProShares Ultra XRP ETF (UXRP), and the Teucrium 2X Long Daily XRP ETF (XXRP) has accumulated nearly $160 million in assets since its April launch. Additionally, a new ETF application tied to Truth Social, which includes XRP as one of its key holdings, has been submitted, signaling growing mainstream attention.

Ripple's decision to apply for a U.S. national banking license has further sparked interest in XRP's market activity. This move is seen as a major step toward deeper involvement with traditional financial institutions and creating more regulatory clarity around its services. The application could mark a turning point in Ripple's strategy, strengthening XRP's use in banking and attracting more institutional demand.

Since the announcement of the banking license bid, XRP has shown strong technical signals, including a break past the $2.35 resistance level and solid support above $2.15. The 50-day simple moving average around $2.25 has provided steady support during this rally phase, and the Relative Strength Index currently sits at 52, indicating that XRP still has upward space before entering overbought levels.

On-chain data shows an increase in long positions and whale wallet activity, reflecting growing confidence from large holders expecting continued gains. The emergence of a "stair-step" ascending channel on XRP's price chart further supports this trend, with consistent growth backed by waves of accumulation and steady price floors. Analysts believe that XRP is positioned to retest its previous high of $3.39, and if additional catalysts like ETF approval emerge, XRP could move toward the $10 mark in the medium term.

XRP's market value has skyrocketed to levels last seen in May, with data from Santiment highlighting the key role of XRP whales holding at least 1 million XRP. These whales are showing a long-term commitment to XRP, with collective holdings surpassing $155 billion. The number of wallets holding at least 1 million XRP is nearing the 3,000 mark, indicating strong institutional support and confidence in the asset's future.

Ripple's banking license bid and the potential approval of an XRP ETF have added strength to XRP's market outlook. Backed by technical support and institutional interest, XRP continues to gain momentum in the evolving financial landscape. The consistent weekly inflows into XRP-related financial products and the growing mainstream attention signal a positive trajectory for the asset, with analysts eyeing higher targets in the coming months.

The inclusion of XRP in the proposed "Crypto Blue-Chip ETF" concept reportedly championed by former US President Donald Trump has generated considerable discussion within the cryptocurrency sector. This development is viewed by many as a significant political endorsement for the digital asset, potentially boosting its mainstream profile and regulatory standing. The announcement was cited as a catalyst for renewed market interest.

A substantial debate persists within the XRP community concerning the true historical peak value of the token. While many reference an all-time high (ATH) of $3.84 established several years ago, an opposing viewpoint challenges this figure. Proponents of this counter-argument, bolstered by public remarks from Ripple's CTO and analyses of historical exchange data, assert that the highest legitimate trading price achieved during that period was significantly lower, attributing the $3.84 figure to anomalies or glitches on specific trading platforms, particularly certain Korean exchanges. This discrepancy has led to divergent narratives about whether recent price levels represent a breakthrough of the historical ceiling.

Brad Garlinghouse, the CEO of Ripple Labs, actively contributed to ongoing cryptocurrency regulatory discussions through testimony before the US Senate Banking Committee. His participation involved advocating for clearer regulatory frameworks and constructive dialogue between the industry and policymakers. This engagement comes amidst broader market optimism fueled by significant developments elsewhere in the crypto space. The testimony is regarded as part of Ripple's sustained efforts to promote regulatory clarity for digital assets like XRP.