XRP price slowly forms a bullish pattern amid good Ripple news
XRP price remains in a deep bear market after erasing billions of dollars in value in the past few months despite some notable news. This pullback may end soon amid key Ripple news and as a bullish pattern forms.
- XRP price has formed an inverse head-and-shoulders pattern.
- Ripple Labs received a national banking charter last week.
- XRP ETF inflows have continued this month.
Ripple (XRP) token dropped to the important support at $2, down by over 40% from its highest point this year. It has lagged behind the performance of other tokens like Bitcoin and Ether.
XRP price remained under pressure even after a major milestone by Ripple Labs, which received a banking charter from the Office of the Comptroller of the Currency (OCC) on Friday.
This approval, which a prominent banking lobby has opposed, means that the company will now shift its Ripple USD (RLUSD) assets from BNY. RLUSD now holds $1.3 billion in assets, a figure that will keep growing during the ongoing stablecoin boom.
The banking charter will also help Ripple Labs start offering custodial services to other companies.
Meanwhile, XRP price has crashed despite the ongoing ETF inflows. These funds have brought in over $950 million in new money, bringing the total assets to over $1.1 billion. This is important as Solana ETFs are yet to cross the $1 billion asset milestone despite the fact that they were launched earlier than XRP’s.
There have been other notable XRP news in the past few months. For example, Ripple Labs is now valued at over $40 billion following investments by Wall Street firms: Citadel and Fortress.
Additionally, RLUSD has continued getting regulatory approval in more countries, including in the Middle East. Also, Ripple plans to launch on other chains like Solana and Ethereum through a Hex Trust bridge.
XRP price technical analysis
The daily chart shows that the XRP price has moved sideways in the past few days. It has constantly remained below all moving averages, a sign that bears remain in control for now. The Relative Strength Index has continued moving sideways below the neutral point at 50.
On the positive side, the token has formed an inverse head-and-shoulders pattern, a popular bullish reversal sign. Therefore, a move above the descending neckline will invalidate the series of lower lows and lower highs it has been forming.
Such a move will point to more gains, potentially to the psychological point at $3, which is about 50% above the current level. The bullish XRP price forecast will become invalid if it moves below the key support at $1.18227.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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