XRP has surged around 12% after Ripple appointed BNY Mellon as the custodian for its RLUSD stablecoin. Following the announcement on July 1, XRP's price rose from $2.15 to $2.40, with analysts predicting further gains if the bullish momentum continues. Currently, despite RLUSD being operational on both the Ethereum and XRP Ledger (XRPL), 87% of activity remains on Ethereum. However, experts believe XRP's long-term value may increase as RLUSD gains traction on XRPL, potentially offering advantages like faster and cheaper transactions compared to Ethereum. Traders are now viewing the BNY Mellon deal as a sign of growing institutional support, and XRP has broken above a key resistance level, pointing to potential upside targets of $2.87 or $3.72 barring any declines below $2. Monitoring price action around critical support levels will be essential for market participants.

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