Ripple’s BNY Mellon Partnership Spurs XRP Rally, Fuels Bullish Outlook

July 10, 2025 – Following the announcement that Bank of New York Mellon (BNY Mellon) will serve as the primary custodian for its stablecoin, Ripple USD (RLUSD), XRP (XRP) has surged more than 11.75% this week, reaching $2.40 after earlier highs. Analysts suggest the move bolsters XRP’s utility story and is viewed positively by traders.

XRP Price Explodes After Custodian Deal

XRP’s price trajectory has been marked by a significant jump, climbing from $2.15 to near $2.40 on the heels of Ripple’s strategic partnership with BNY Mellon. This development entered the market spotlight on July 1, positioning RLUSD within Ripple’s ecosystem.

RLUSD is operational on Ethereum and the XRP Ledger (XRPL). Despite its dual-chain launch, DefiLlama data indicates approximately 87% of RLUSD activity remains on Ethereum. However, market participants are focusing on the future potential, expecting increasing adoption could shift activity balance toward the XRPL.

RLUSD's distribution across blockchains (DefiLlama data) — DefiLlama: RLUSD’s distribution across Ethereum (approx 87%) and other blockchains (approx 13%).

Crypto analysts, including Crypto Eri, argue the long-term value proposition for XRP hinges heavily on RLUSD establishing a robust native presence on the XRPL. She anticipates significant market-moving steps by Ripple to integrate smart contracts.

Tech Analysis: Bullish Patterns Signal Higher Targets

XRP bulls point to technical confirmation, with the cryptocurrency breaking out above a critical $2 threshold and the neckline of a developing bullish inverse head-and-shoulders pattern.

XRP/USD daily price chart showing inverse head-and-shoulders pattern — TradingView: XRP/USD daily chart showing inverse head-and-shoulders pattern breakout. Source: TradingView

The break above the $2.30 resistance level now functions as support, with the pattern’s target pointing towards $2.87, a potential 20% gain from the breakout. A significant upside target near $3.72 represents an even more substantial rally, up approximately 55%.

Further reinforcing the bullish case is a larger time frame perspective, showing XRP piercing the upper bounding line of a long-term, multi-month descending triangle structure.

The prevailing sentiment is that sustained strength above $2 will continue validating the bullish continuation thesis. A breakdown below this crucial support level may trigger caution or a pullback toward resistance around $2.00, potentially prompting a reevaluation of the bullish predictions.

Investing in cryptocurrencies and digital assets carries significant risk. This Article does not contain investment advice or recommendations. Readers should perform their own research before making any investment decisions.