XRP, the cryptocurrency behind digital payment company Ripple, showcased low-volatility trading during Wednesday’s U.S. trading session, trading at $2.24. Despite the neutral candle formation in price, the global adoption of XRP continues to accelerate as a China-based provider of chauffeur services has filed with the U.S. SEC to establish a $300 million XRP strategic reserve. Currently, the coin price is challenging the key resistance of the bull flag pattern, signaling a potential breakout ahead.
Webus Adds to XRP Momentum with Strategic $300M Reserve Plan
A China-based mobility services firm, Webus International (WETO), has filed a Form 6-K with the U.S. Securities and Exchange Commission (SEC) to establish a $300 million XRP reserve. As announced in May, the initiative will be financed through loans and credit facilities, rather than new share issuances.
The company plans to integrate XRP-based payments and blockchain-powered cross-border settlements into its core operations. Webus also reveals its strategic partnership with asset management company Samara Alpha to develop and execute its XRP strategy.
The development aligns with a broader institutional adoption, with similar initiatives from Nasdaq-listed VivoPower’s $121 million XRP treasury and Florida-based Wellhistic’s $50 million credit line.
Webus’s filing highlights the growing corporate appeal of Ripple’s payment infrastructure and XRP as a digital reserve asset.
XRP Price Poised For Major Breakout Amid Flag Formation
Over the past three weeks, the XRP price has witnessed a notable correction, falling from $2.65 to $2.23, resulting in a 15.78% loss. This selling pressure followed a broader crypto market correction as Bitcoin reversed immediately from a new high of $112,000.
Interestingly, this correction resonated strictly within two downsloping trendlines, indicating the formation of a bull flag pattern. Theoretically, this chart setup suggests a temporary counter-trend move from the prevailing uptrend, allowing it to regain its bullish momentum.
Currently, the XRP price trades at $2.23 with an intraday loss of 0.42%. This rejection from the upper boundary of the flag signals a potential 8.27% fall to retest the support trendline.
On the contrary, if the coin price breaches the overhead trendline, buyers will regain bullish momentum, driving a rally to $2.6, followed by $3.2.
Also Read: US Expected to Pass Major Budget and Cryptocurrency Bills by End of Summer: Reports
