The XRP price jumped to a crucial resistance level today, July 3, as Bitcoin and most altcoins rallied. It also rallied for the second consecutive day after a Swiss bank became the first entity to adopt Ripple USD (RLUSD) stablecoin. It was trading at $2.2715, its highest point since June 16.
AMINA Bank adopts RLUSD
The XRP price rose after AMINA Bank became the first major institution to embrace RLUSD. It will initially offer custody and trading services to AMINA clients holding the coin and then increase its offerings over time. In a statement, AMINA’s Chief Product Officer, Myles Harrison, said:
“We are committed to integrating cutting-edge products so that our clients may best navigate and adopt digital assets in their day-to-day activities. We are proud to be the first bank to support RLUSD and to provide our clients with access to one of the most anticipated digital assets in the market. Ripple’s commitment to transparency and compliance make them ideal collaborators as we continue our mission.”
AMINA Bank was established in 2018 in Switzerland and has grown rapidly in the past few years, with its reported assets jumping to nearly $5 billion today. It is regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Its main benefit is that it focuses on crypto services, allowing customers to trade, invest, and stake tokens. It has also integrated other stablecoins like USDC, USDT, and EURC, allowing users to deposit and earn returns.
Ripple USD is part of Ripple Labs’ growth strategy. Launched in December last year, it has grown gradually, with its assets rising to over $469 million.
It hopes to benefit from the GENIUS Act, which has passed in the Senate. Analysts anticipate that this bill will pass in the House of Representatives and become law.
A key reason why RLUSD will benefit is that it is unclear whether Tether will comply with these regulations. USDT, unlike other stablecoins, is backed by assets, including Bitcoin and corporate bonds. GENIUS Act mandates that such a stablecoin needs to be backed by US dollars or short-term bonds.
XRP has other catalysts
The XRP price has numerous catalysts that may push it much higher in the long term. First, the odds that the Securities and Exchange Commission (SEC) will approve spot XRP ETFs have jumped in the past few months. These ETFs will likely lead to substantial inflows from American investors.
Second, Ripple Labs applied for a national banking charter from the Office of the Comptroller of Currency (OCC), joining Circle, which applied for it earlier this week. If approved, Ripple will offer custody services to the RLUSD stablecoin and other companies.
Third, Ripple Labs has boosted its partnerships in the last few months. Its recent partnerships are with companies like OpenPayd and Wormhole. Wormhole will provide bridging solutions to XRP Ledger. XRP recently launched its EVM sidechain on the mainnet.
Big news 🗞️… OpenPayd x @Ripple We’re working together to embed OpenPayd’s universal financial infrastructure with Ripple’s enterprise-grade stablecoin and blockchain network. The result? Faster, simpler, more transparent global payments. 🌍💸 What’s launching: 🔹 EUR & GBP
XRP price technical analysis
The daily chart shows that the XRP price bottomed at around $2. It has formed an inverse head-and-shoulders pattern, a popular bullish continuation sign.
Ripple token is also hovering along the descending trendline that connects the highest swings since January. It has moved above the 50-day Exponential Moving Average (EMA).
The Relative Strength Index (RSI) has also pointed upwards. Therefore, a clear breakout above the descending trendline will point to more gains, potentially to the year-to-date high of $3.3586. The bullish XRP price forecast will be invalidated if it drops below the support at $2.
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