Key Notes
- Five major banking institutions jointly petitioned regulators to pause Ripple’s trust bank charter application.
- XRP maintains strong bullish momentum above $3.50 despite coordinated opposition from traditional financial sector.
- Technical indicators suggest potential breakout toward $4.00 resistance level with sustained trading volumes exceeding $10 billion.
XRP price rallied 3% to hit $3.70 on Monday, July 21, just shy of its all-time high of $3.84 recorded in January 2018, as fresh developments surfaced around Ripple’s ongoing push to secure a US banking license.
The latest price upswing came just hours after several major financial institutions formally opposed Ripple’s application to establish a federally regulated national trust bank.
In a joint-letter signed on July 17, The American Bankers Association (ABA), America’s Credit Unions, the Consumer Bankers Association, the Independent Community Bankers of America, and the National Bankers Association petitioned the Office of the Comptroller of the Currency (OCC) for a regulatory pause.
The institutions asked the OCC to delay further consideration of Ripple and Circle’s applications until all business details are fully disclosed and made available for public scrutiny.
The letter emphasizes that approving these charters without public comment could inadvertently open the door for non-banks to access privileges traditionally reserved for heavily regulated institutions.
“Granting these Applications could represent a fundamental departure from existing OCC precedent, and the Associations firmly believe that such a departure demands public input […] A postponement would allow time and, hopefully, sufficient information for the public to meaningfully assess the Applications and the novel issues they present,” the official statement read.
Ripple and Circle are among a growing list of crypto-native firms seeking to secure formal banking charters in the United States. Stablecoin issuer Circle, which went public in May, filed to operate a trust bank that would manage USDC reserves and institutional digital asset flows. Ripple followed soon after, applying to oversee stablecoin and custodial services under the name Ripple National Trust Bank.
At press time, neither Ripple Labs nor its CEO Brad Garlinghouse, has issued an official response to the coordinated lobbying effort. However, early market signals suggest investors are largely unmoved. XRP has traded firmly above $3.50 for two consecutive days, retesting the $3.70 mark intraday while daily trading volumes held above $10 billion, according to CoinMarketCap data.
XRP Price Prediction: Bulls Target $4 Breakout
XRP price is flashing strong bullish signals as it eyes a clean break above the $4 mark, a level last approached in the 2017 bull cycle.
Technical charts show
XRP
$3.49
24h volatility:
2.5%
Market cap:
$206.76 B
Vol. 24h:
$7.99 B
firmly riding the upper Bollinger Band, while maintaining support above the 20-day MA at $3.25. The RSI has remained elevated above 72 for the last 48 hours, hinting at strong bullish momentum, although traders should watch for near-term exhaustion signals.
Ripple (XRP) Price Forecast | TradingView
A breakout above the $3.75-$3.80 resistance band could quickly trigger a supply squeeze, especially as short interest remains elevated on major derivatives platforms. If bulls maintain pressure and volume sustains above $10 billion, the $4.00 level becomes the next psychological target.
Conversely, a rejection at $3.75 could see XRP retest support at $3.22 or $3.05. But barring a major regulatory setback, the XRP price set-up still leans dominantly bullish.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
