XRP news: Price reclaims $2.40 as Ripple-BNY Mellon deal revives bullish momentum
XRP eyes $2.70 resistance as Ripple stablecoin gains institutional support
XRP extended its rally on Wednesday, climbing toward $2.43 after confirming a technical breakout above a descending trendline that had constrained price since March. The move was bolstered by Ripple’s announcement that BNY Mellon will act as custodian for its new stablecoin RLUSD, a partnership that market participants interpreted as a meaningful step toward institutional adoption.
Highlights
- XRP rallied past $2.40 following Ripple’s RLUSD custody deal with BNY Mellon.
- Technical breakout confirmed with bullish SAR, Supertrend, and reclaimed daily resistance.
- Momentum may cool short term as RSI and Bollinger Bands suggest overextension near $2.45.
Following the news, XRP gained more than 12 percent, briefly topping $2.40 before encountering resistance at $2.45.
BNY Mellon custody deal strengthens Ripple’s stablecoin ambitions
The deal with BNY Mellon - America’s oldest bank, signifies a major institutional milestone for Ripple. In addition to custodial services, BNY Mellon will provide transaction banking support for RLUSD, Ripple’s U.S. dollar-backed stablecoin. Ripple’s Jack McDonald emphasized the importance of this relationship, citing BNY Mellon’s long-standing expertise in asset servicing. RLUSD currently operates on both Ethereum and the XRP Ledger (XRPL), though more than 85 percent of volume remains on Ethereum. Ripple aims to shift that balance in favor of XRPL, which offers faster and more cost-efficient transactions.
XRP price dynamics (Source: TradingView)
Analysts view this shift as key to XRP’s long-term value proposition. If RLUSD gains traction on XRPL, demand for XRP could grow as it serves as the native gas token. Some, like Crypto Eri, believe Ripple’s strategy requires investor patience, especially with future integrations such as smart contract support on XRPL.
Price action tests overbought levels as market eyes $2.70 resistance
On the technical front, XRP remains in a strong uptrend after breaking past the $2.30–$2.35 resistance zone and reclaiming $2.40 on the daily close. The Parabolic SAR has flipped bullish, and the Supertrend indicator on the 4-hour chart remains positive. However, Bollinger Bands and intraday RSI levels suggest that short-term momentum may be peaking, with the 30-minute RSI rolling down to 53 after a prior high above 70. A near-term pullback toward $2.32 remains possible before another attempt at higher resistance around $2.60–$2.70.
In a previous analysis, we noted that XRP needed to reclaim the $2.30 level to confirm a broader trend shift. With this milestone achieved, focus now shifts to holding above $2.40 on a daily closing basis. A failure to maintain that level may lead to a pullback toward the $2.22–$2.29 support cluster. Bulls remain in control while price sustains above $2.30, but a decisive move above $2.46 is required to clear the path toward $2.70 and beyond.
