Recent events surrounding the cryptocurrency XRP include the formation of a bullish technical pattern, the launch of an ETF, and the implementation of the new communication standard ISO 20022. These factors could significantly impact XRP's price and its integration into financial systems.
XRP Price Analysis and Technical Patterns
Analyst Gordon has identified a large cup and handle pattern forming on the weekly XRP charts, indicating a potential breakout at $5.20 upon pattern completion. This pattern suggests a significant upward price movement.
Launch of ProShares ETF and Legal Clarity
The ProShares XRP ETF is set to launch on July 18 following years of legal battles. This launch is made possible by a federal court ruling that determined XRP is not a security, paving the way for institutional investment products.
ISO 20022 Implementation and Its Impact on RippleNet
The ISO 20022 standard goes live on July 14, impacting cryptocurrencies like XRP. It serves as a foundation for enhancing global financial systems and simplifies the integration of blockchains into banking structures.
It is important to note that events such as the ETF launch and ISO 20022 implementation, combined with technical analyses, may bring increased attention to XRP and create a new wave of growth for this cryptocurrency.
