XRP news regained focus with Ripple’s announcements pushing the token above $2.40, boosting bullish sentiment. Ripple’s CTO David Schwartz will join Evernorth, a new XRP-focused investment firm merging with Armada Acquisition Corp II, raising over $1Bn. This move aligns with Ripple’s goal to make XRP a global asset.

Evernorth plans to establish the world’s largest institutional XRP treasury by purchasing XRP. Led by former Ripple executive Asheesh Birla, the firm aims to build institutional confidence in XRP as a capital markets and DeFi asset. The Nasdaq listing will provide investors with a vehicle for XRP exposure.

XRP briefly reclaimed $2.40 before dropping, indicating a key price zone with historical volume. Technical indicators suggest renewed accumulation, with open interest rebounding. If XRP can hold above $2.40, a rally towards $2.70-$3.00 may ensue, signaling institutional-led growth for the token.

As XRP trades around $2.37, it’s wrestling with the $2.40 level after a period of consolidation. Technical strength initially drove the push to $2.40, but a potential rejection could lead to a pullback. The RSI indicator shows upside potential, with $2.60 as a key target.

If XRP fails to break above $2.40, a descent to $2.30 is possible. The low time-frame trendline could guide price action into the weekend. Traders are closely monitoring these levels for potential breakout opportunities in XRP’s price movement.

Read more at Yahoo: XRP Price Wrestles With $2.40 as Evernorth’s $1Bn Push and David Schwartz Fuel Institutional Bullishness