XRP Treads Water Near $1.10 as Ripple's Regulatory Push Gains Momentum
XRP's price action is being closely watched as it approaches a critical technical level of $1.10. According to CoinMarketCap data, XRP was trading at $1.0887 on July 24, down 1.86% over the past 24 hours but still up 2.55% over the past 30 days.
Technical analysts believe that a weekly close above the $1.10-$1.14 resistance zone could open the door to further price gains, potentially reaching as high as $1.20. However, XRP's 60-day and 90-day returns are still sharply negative at -19.84% and -23.53%, respectively, indicating that there is significant overhead supply in the market.
Ripple's efforts to deepen its compliance and enterprise rails continue to shape the outlook for XRP. The company has made a strategic investment in Notabene, a fintech focused on 'travel rule' compliance requirements for virtual asset transfers, which could help integrate Ripple's U.S. dollar-pegged stablecoin RLUSD into Notabene's enterprise transaction network.
Ripple has also obtained a full CASP authorization under the EU's MiCA framework from Luxembourg's financial regulator, the CSSF, granting it 'passporting' rights across the European Economic Area. This could clarify compliance expectations for banks and corporates that might otherwise hesitate to adopt crypto-based settlement tools.