Ripple allied with Bny Mellon to guard the reserves of his stablecoin XRPL.
The Bitcoin (BTC) climb is also promoting cryptocurrencies.
The XRP price, the cryptocurrency created by Ripple Labs, is upward this Friday, July 11. Touching the USD 2,64 for the first time since May, the euphoria and enthusiasm of investors on this cryptoactive is palpable in the market.
In a matter of one month, XRP has increased by 15%, moving from USD 2,28 to the current price. The increase is more notorious since June 23when the asset fell to the USD 1.90. Since then, the increase has been 38%.
The price that XRP maintains was not seen since the peak reached on May 14, when, after reaching that price, it descended 27%, Before experiencing the increase seen now.
Before, on March 3, XRP also reached the current brand and even touched the USD 3, although, again, it collapsed to USD 1.90, losing 35% of its value.
In the following graph provided by TrainingView XRP price performance is better appreciated in the last 5 months:
Now, the current increase is sustained by different factors, including alliances between Ripple Labs and large US banking institutionsas the Bny Mellon, which is the oldest financial entity in the North American country, founded in 1784.
Ripple Labs reported On July 9 they had selected Bny Mellon to make this the main custodian of the Stablecoin reserves of that company, Ripple USD (RLUSD). According to the statement, both entities promised to “pave the way for the adoption of digital assets at the institutional scale.”
“Together we are closing the gap between traditional finances and cryptocurrencies,” said Ripple Labs in the official announcement.
So much was the impact of the alliance that, since July 9, XRP rose 14.8%, denoting strong enthusiasm that was reflected in the price of what is currently the room most valued cryptoactive on the market.
To all this, it is added that, on July 2, Ripple Labs filed a request to obtain a national banking license in the United States. As cryptoics reported, if they obtain approval, the stablecoin RLSUD would be under the direct supervision of the Office of the Comptroller of La Moneda (Occ), which is the organism that regulates the national banks that operate in that country.
Beyond the enthusiasm for bank alliances, the price of Bitcoin (BTC), the largest digital asset in the market, is promoting the price, not only of XRP, but of the other cryptocurrencies, as has traditionally occurred.
BTC has been registered by historical maximums for three days and, currently, quotes above the USD 118,000. For some Polymarket platform, there are 80% chances that the digital currency reaches USD 120,000 this July, as Cryptonotics reported earlier.
