Futures Data Signals XRP Price Breakout as $34B US Bank Opens XRP Deposits

XRP price has recorded an uptick in volatility today, April 22, with the price fluctuating between $0.41 and $0.45 in the last 24 hours. The volatile movement follows nearly $1 million in XRP liquidations. While the broader market has influenced much of XRP gains today, a recent move by SoFi Bank to offer XRP deposits could influence future price movements.

SoFi Bank Opens Ripple Deposits to 13.7M Users

In a recent X post, SoFi Bank stated that it will be opening up XRP deposits to its vast user base. Following this launch, XRP will be among the assets offered by the bank alongside Bitcoin, Ethereum, and Solana.

SoFi Bank is one of the banks that has a federal charter in the US. The institution has more than $34 billion in assets under management and 13.7 million users. The rollout of XRP deposits in the bank will likely boost utility for the token.

Ripple acknowledged this launch, saying that through SoFi Bank, more people would participate in the XRP ecosystem. This would, in turn, be bullish for the XRP price.

The recent move comes on the back of multiple bullish developments around XRP. Recently, CoinGape reported that XRP validators are voting on a lending protocol update. This move will bring DeFi to the Ripple ecosystem and likely stir gains.

At the same time, XRP trading went live on WhatsApp following the release of wXRP on the Solana blockchain. Similar to the SoFi bank launch, this move will also bring XRP closer to more people and potentially fuel gains.

XRP Price Targets $2 Amid a Looming Bullish Crossover

The daily chart shows that a bullish crossover is looming that will potentially move the XRP price higher. This crossover is between the 20-day EMA and the 50-day EMA, with a confirmed move set to fuel a rally.

Recently, XRP price was stuck at $1.40, but after today’s rally, it has broken out of this consolidation range, and it now targets $1.45. As it extends its gains, two resistance levels now lie ahead, and these are at the $1.50 and the $2 psychological levels.

At the same time, the CMF is also fuelling a bullish outlook as it tips north within the positive side. This is a sign of strong bullish momentum because it shows that buying pressure is more than the selling pressure.

The result of this bullish crossover could be a breakout from a symmetrical triangle pattern. The height of this pattern represents a 52% rally, indicating that if XRP can break out, the price could reach $2.20. The likelihood of XRP hitting this level is further strengthened by a recent XRP price analysis by CoinGape, revealing a looming wedge breakout that may push the price to $1.80.

Besides technical analysis, data from the futures market confirms that a bullish outlook is in play. On the Binance exchange, XRP’s long/short ratio stands at 2.27, suggesting that there are more long positions than short positions as traders anticipate that the XRP price will surge.