Will XRP Break Above $2.40 To Signal A Trend Reversal?

XRP (CRYPTO: XRP) is gaining traction thanks to strong fundamentals and expanding institutional support.

Trader Notes: Market commentator Cryptoinsightuk noted that XRP is currently testing minor resistance and attempting to flip it into support.

A daily close above $2.40 could signal the start of a trend reversal, while a move beyond $2.60 would confirm a more decisive shift in market structure.

Statistics: According to Coinglass, XRP’s open interest rose by 3.5%, while derivatives trading volume jumped 26.7% in the past 24 hours; signs of rising market engagement.

Liquidations were evenly split between long and short positions, suggesting a balanced outlook among traders.

Community News: XRP continues to attract institutional interest.

Guggenheim Treasury Services, a division of Guggenheim Capital, has launched a new product called Digital Commercial Paper (DCP) on the XRP Ledger.

This offering will enable institutions to purchase short-term debt backed by U.S. Treasury bonds, marking a significant step in XRP's real-world utility.

Ripple is investing $10 million to support the rollout of DCP.

Ripple also announced a strategic partnership with the Web3 Salon project in Japan.

Supported by JETRO (Japan External Trade Organization) and powered by the Asia Web3 Alliance, the initiative will provide grant funding of up to $200,000 per project to accelerate XRP Ledger development and adoption in the region.

The Hashdex Nasdaq Crypto Index U.S. ETF has filed an update with the SEC on June 6, expanding its benchmark index beyond Bitcoin and Ethereum to include four additional digital assets, XRP among them.

This inclusion reinforces XRP's growing relevance in regulated investment products.

Read Next: 

• Bitcoin, XRP, Dogecoin Up 2%, ETH Surges 7% Amid Regulatory Tailwinds

Image: Shutterstock