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  • Ripple’s XRP climbed 3.75% to $2.27 after Ripple confirmed its application for a national banking license in the United States.
  • Trading volume rose 35% in 24 hours, showing increased market interest, as traders anticipate the broader adoption of Ripple’s RLUSD stablecoin.
  • XRP futures open interest rose to $4.62 billion, while technical indicators show a bullish trend as the price nears a possible breakout zone.

Ripple’s XRP has recorded a 3.75% increase today, July 3, reaching $2.27 after starting the day at $2.17. This price action follows Ripple’s move to seek a U.S. national banking license, a step that may strengthen the use of its stablecoin RLUSD.

CoinMarketCap data indicates that XRP’s trading volume surged by 35% in the last 24 hours to $3.99 billion. This activity implies the increasing interest of traders in the token that was driven by the development of regulations and general expectations concerning the Ripple stablecoin project.

Banking License Application Boosts Stablecoin Prospects

Ripple’s application for a banking license is viewed as a potential gateway to mainstream RLUSD adoption. Ripple CEO Brad Garlinghouse emphasized the importance of regulatory compliance, which could position RLUSD favorably in the $250 billion stablecoin sector.

Chart patterns show that XRP has formed a falling wedge, typically a bullish signal. The token’s recent movement toward the upper boundary of the wedge indicates a potential breakout. A confirmed breakout with a retest could open the path to a price target of $3.96, supported by bullish momentum.

Momentum Indicators Support Uptrend Scenario

The Relative Strength Index (RSI) has remained above the neutral point of 50, indicating the dominance in the present market condition by the buyers. In case there is an upside movement and RSI can make a higher high, then it can further justify the possibility of a further rally.

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Futures Traders Increase Long Positions

Source: TradingView

XRP futures open interest has increased by 8% over 24 hours, reaching $4.62 billion, according to CoinGlass. Futures data also show a long/short ratio holding steady at 1, with Binance’s ratio exceeding 2, indicating bullish positioning by traders.

As the long positions gain momentum and speculation increases about the XRP ETF, traders are expecting more upside. The optimism in terms of bullish XRP is getting further bullish due to the combination of both the good technical signals and the underlying pivots.

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