XRP (CRYPTO: XRP) has been gaining momentum, with a partnership with BNY on stablecoin custody fueling speculation that a breakout for the token may be close.
Trader Notes: Crypto chart analyst Ali Martinez has identified a breakout pattern for XRP, setting a near-term target at $2.60.
More Crypto Online also sees XRP tracking its projected bullish path, maintaining a target of $2.57, provided it holds key support above $2.245.
Another trader, Mags, says XRP has entered its final blow-off stage, a phase that historically leads to rapid price acceleration.
Statistics: Coinglass data shows XRP open interest spiking by 12.2% to $5.5 billion in a single day, while derivatives trading volume expanded by 7.2%. Options volume and open interest jumped by 239% and 8.3%.
Liquidations in the past 24 hours hit $7.5 million, with shorts accounting for $6.3 million, suggesting a powerful short squeeze is underway.
Community News: Ripple CEO Brad Garlinghouse testified that Ripple was the first major U.S. company sued by the SEC back in 2020.
He called the case a "death threat" to the industry.
Four years later, Ripple emerged victorious, with XRP legally not classified as a security, a landmark win for the crypto space.
In parallel, Ripple announced BNY Mellon will act as primary custodian for its stablecoin RLUSD's reserves.
Launched in December 2024, RLUSD has already exceeded $500 million in circulation, placing it among the top 20 USD stablecoins.
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