$XRP Seeks to Reclaim $1.60 as Institutional Catalysts Align

Ripple's XRP Ledger has gained significant traction in Brazil's financial market, and this development may have a positive impact on the price of $XRP. The token has been trading near $1.49 over the past 24 hours, with some bullish catalysts lining up ahead of a possible attempt to reclaim $1.60.

One such catalyst is Ripple's expansion of the XRP Ledger in Brazil's regulated financial market. CSD BR will use XRPL as an additional recording and auditing layer for financial assets, starting with investment fund shares issued by BTG Pactual. This deployment gives XRPL a role in Brazil's financial market infrastructure at a time when $XRP is trying to hold above the $1.45 to $1.50 area.

Institutional attention may remain focused on September 30, as shareholders of Armada Acquisition Corp. II are scheduled to vote on its proposed merger with Evernorth, which plans to list on Nasdaq under the ticker XRPN if the deal is approved and other conditions are met.

The recent inflows into $XRP ETFs have also provided a source of spot-market demand, with US spot $XRP ETFs recording $75.59 million in net inflows during the week ended September 25. This has lifted cumulative net inflows to roughly $1.79 billion.