XRP continues to show growth amid positive news from the cryptocurrency industry, including trader activity and new Bitcoin initiatives.
XRP Price Growth
XRP has surged over 3.5% in the past 24 hours. This price increase is supported by rising options activity, particularly among traders betting on $3 and $4 calls for July 25. Traders are also focused on a September $2.80 strike, reflecting optimism around a potential XRP ETF approval. Bloomberg analysts assess the likelihood of this at 95%.
Ripple's Banking License
Ripple is gaining significant attention due to its application for a U.S. national banking license, which could enhance trust in its dollar-pegged stablecoin RLUSD. This will enable the legal holding of reserves and allow for bypassing various state regulations. Additionally, AMINA Bank in Switzerland became the first fully regulated bank to support RLUSD, which increased its trading volume by 20% to $60 million.
Impact of Bots on the XRP Market
The XRP market shows significant influence from trading bots leveraging privileged APIs for price manipulations. Current market conditions allow bots to dominate, complicating the perception of real demand for XRP. With the introduction of new regulatory frameworks like MiCA, competition could become fairer. However, existing algorithms continue to manipulate prices, creating distortions that can mislead retail traders.
The situation in the XRP market remains dynamic, with increasing interest in assets but also challenges related to algorithmic manipulation. The future of XRP may depend on further developments in regulatory initiatives.
