XRP (CRYPTO: XRP) recorded impressive gains over the past week, rising by nearly 7%, with Ripple Labs’ partnership with Bank of New York Mellon (NYSE:BK) providing the latest impetus.
What happened: XRP has been one of the most successful large-cap cryptocurrencies in the last seven days, outgaining Bitcoin (CRYPTO: BTC) and Solana (CRYPTO: SOL) and trailing only Ethereum (CRYPTO: ETH).
On Wednesday, it surged to a 7-week high of $2.40. In a note to Benzinga, Arthur Azizov, founder and investor at B2 Ventures, said that XRP is likely to hit $2.65 if it manages to hold over $2.34.
"Since XRP has been in accumulation for quite a long time, the outlook remains positive. Most likely, the breakout will be to the upside, with targets in the $4–6 range," Azizov said.
See Also: XRP, Ethereum, Solana And One Surprise Crypto (Not Bitcoin) Are Bitwise’s ‘Cleanest Plays’
Why It Matters: Ripple, which uses XRP for its payment solutions, said Wednesday that BNY Mellon, the oldest bank in the U.S., will serve as the primary custodian for reserves backing its $500 million Ripple USD (CRYPTO: RLUSD) stablecoin.
The bank’s history is tied to America's founding father, Alexander Hamilton, who co-founded The Bank of New York in 1784, a direct predecessor of today’s BNY Mellon.
A slew of bullish triggers have aided the cryptocurrency's advance this year.
First and foremost, the resolution of Ripple's years-long legal battle with the SEC, with the company withdrawing its appeal against the regulator.
Secondly, Ripple applied for a national banking license with the U.S. Office of the Comptroller of the Currency in a bid for increased legitimacy and regulatory clarity.
Furthermore, issuers such as Grayscale, WisdomTree, and 21Shares filed for various spot XRP exchange-traded funds, adding to optimism about its mainstream adoption.
Price Action: At the time of writing, XRP was exchanging hands at $2.44, up 4,68% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, it has gained 16.46%.
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