Could XRP reach $5 in the optimistic context of Ripple ETF?

XRP aims for the $5 level amidst several bullish developments, including ETF approval and technical patterns. Analyst Gordon identifies a massive cup and handle pattern on the weekly chart.

The ProShares XRP ETF will officially operate on July 18 after being clarified legally. In addition, the ISO 20022 standard will launch on July 14, supporting the integration of RippleNet with global banking systems.

XRP price analysis shows strong breakout with cup and handle pattern

Analyst Gordon identifies a giant cup and handle pattern forming on the weekly chart of XRP. This technical pattern targets a breakout level of $5.20 upon completion, signaling strong bullish movements.

Cup and handle pattern XRP | Source: GordonAccording to the analysis, Bitcoin's dominance has weakened as the weekly MACD shifts to a bearish trend. The most recent event led to ETH soaring and XRP reaching new highs. Altcoins have previously surged 5-10 times under similar market conditions.

Technical signals indicate preparations for the altcoin season across the market, and investors are awaiting further confirmation signals. In the past, the decline in Bitcoin dominance has often led to significant bullish phases for altcoins.

XRP continues its growth momentum as the dominance trend decreases. The technical trends are also supporting the bullish potential.

The weekly time frame provides more reliable signals compared to short-term charts, with a target of $5.20 when the pattern completes and a successful breakout occurs.

ProShares XRP ETF approved

ProShares XRP ETF officially went live on July 18 after many years of legal disputes. The Wolf Of All Streets announced the confirmation date for the ETF launch. Lawyer John E Deaton also highlighted the 2-year timeframe since the federal court ruling.

Two years ago, a federal judge ruled that XRP is not a security. This ruling came after 75,000 XRP holders fought for legal transparency.

Two years later, XRP ETFs are approved for public trading. This timeline indicates legal transparency, paving the way for adoption by major institutions.

The approval of the ETF provides large investors with the opportunity to invest in XRP without necessarily holding the token, with conventional investment products likely to attract more investors into the crypto space.

The launch of ProShares' ETF comes at the right time as the technical chart of XRP shows a breakout signal. The participation of institutions through the ETF product could create a stable foundation for XRP.

When legal barriers are lifted, investment organizations can easily access the market. Previously, the launch of Ethereum and Bitcoin-related ETFs had significantly boosted prices. Therefore, the XRP ETF is also expected to attract equivalent capital flows from large institutions.

Benefits of implementing ISO 20022 and the integration capabilities of RippleNet

The ISO 20022 standard officially came into effect on July 14, applicable to XRP, Stellar, Algorand, and Cardano.

Dan Gambardello emphasized the importance of ISO 20022 for integrating blockchain technology into the global financial system. With the U.S. Fedwire transitioning to this new standard, the U.S. financial system will be in sync with Europe.

ISO 20022 is not a digital currency or blockchain but a financial messaging standard that allows financial institutions to exchange information in a modern, unified format. The adoption of this standard helps upgrade global payment systems from traditional methods to modern encrypted communication.

The Fedwire Funds System of the U.S., which processes trillions of USD in payments, is now operating under ISO 20022, integrating the U.S. financial infrastructure with the SWIFT and European systems. This opens up opportunities for compliant blockchain networks to integrate into the global financial system.

RippleNet, the enterprise-grade network of Ripple for banks and payment service providers, has achieved ISO 20022 compliance. Although XRP – the native token of this network – does not comply with the ISO format, it serves as a bridge asset in RippleNet's compliance system.

Due to the fact that cryptocurrency tokens do not use messaging standards, they cannot directly comply with ISO 20022. However, RippleNet's compliance with this standard allows XRP to be utilized within the standardized financial communication system. As global payment systems are upgraded, it will become easier for financial institutions to integrate RippleNet.

The expansion of the RippleNet network will create new payment corridors, thereby increasing the demand and value of XRP. This is the foundational step for deeper integration between crypto and the banking system in the future.

Vincent