- XRP jumped 4% following news of upcoming Depository Receipts, offering institutional investors exposure without direct ownership.
- Meanwhile, Ripple CEO Brad Garlinghouse is being considered for the White House Crypto Council, signaling potential regulatory shifts.
XRP saw a 4% jump as news of upcoming Depository Receipts hit the market. The new investment vehicle could open doors for institutional investors. Meanwhile, Ripple CEO Brad Garlinghouse is being considered for a role on the White House Crypto Council.
XRP Depository Receipts Spark Investor Excitement
Investment firms Receipts Depository Corp and Digital Wealth Partners plan to launch XRP Depository Receipts in the U.S. These receipts will function similarly to ETFs, allowing investors to gain exposure to XRP’s price without directly holding the asset.
Crypto platform Anchorage Digital will custody the XRP DRs under the oversight of the Office of the Comptroller of the Currency (OCC). This move is expected to attract institutional investors who prefer regulatory-backed investment options.
Depository Receipts are a well-known financial tool. They allow foreign assets to be traded in the U.S. without requiring direct purchases. The introduction of XRP DRs could increase market liquidity and drive long-term adoption.
Brad Garlinghouse Considered for White House Crypto Council
Reports list Ripple’s CEO, Brad Garlinghouse, among the top candidates for the White House Crypto Council. The council aims to foster digital asset innovation and streamline crypto regulations.
Garlinghouse has been vocal about regulatory clarity in the crypto industry. His potential involvement could signal a shift towards a more balanced approach to crypto oversight in the U.S.
Additionally, Garlinghouse is set to participate in a Commodity Futures Trading Commission (CFTC) CEO Forum. This forum will focus on launching the agency’s digital asset markets pilot program, which includes stablecoin-backed collateral.
XRP Eyes Key Resistance Level
XRP is trading within a descending broadening wedge pattern. The token bounced off the lower boundary support at $2.33. Analysts now expect it to test the upper boundary near $2.72.
Key indicators, including the RSI, Stochastic Oscillator, and MACD, remain below their neutral levels. A bullish crossover in these metrics could trigger a breakout rally.
If XRP breaks above the $2.72 resistance and holds, it could surge toward the $4.00 psychological level. However, failure to maintain support could see prices drop to $1.35.
XRP is gaining momentum with the upcoming Depository Receipts launch. Institutional investors may soon have a new way to gain exposure to XRP’s price. Meanwhile, Garlinghouse’s potential role in shaping U.S. crypto policy could bring positive regulatory developments.
All eyes are now on XRP’s price action. A breakout above key resistance levels could send the token soaring.
