XRP Price Poised to Rally As Ripple Trademarks Downloadable Software That Will Allow People to Store Cryptocurrencies

XRP is making headlines after Ripple trademarked “downloadable software” that will allow people to store cryptocurrencies.

The price of XRP is currently being watched closely as it trades at $1.32, following a 1.4% uptick in the past 24 hours. Attention has been drawn to Ripple's recent filing for a trademark on downloadable software, which many believe will be used for a crypto wallet.

According to pro-XRP lawyer Jeremy Hogan, this product is likely to be launched in the next six months. Once the trademark office approves the filing, the crypto company will only have six months to advertise and offer the product.

"Be on the lookout for the Allowance of Use from the trademark office... Ripple only has 6 months to advertise, sell, etc, the service, and file a Statement of Use (SOU). You’ll know what it’s all about before the summer is over probably," Hogan explained.

Once this product is launched, it will surely bolster Ripple's presence in the crypto industry. The blockchain company has already taken the lead in the blockchain-powered payments sector, with this offering set to boost an XRP price rally to as high as $5 within months.

The possibility of a crypto wallet being launched by Ripple has sparked speculation among crypto traders, especially as it pivots towards expanding its crypto offerings.

The price of XRP is currently being closely monitored as it trades at $1.32, following a 1.4% uptick in the past 24 hours. Attention has been drawn to Ripple's recent filing for a trademark on downloadable software, which many believe will be used for a crypto wallet. According to pro-XRP lawyer Jeremy Hogan, this product is likely to be launched in the next six months. Once the trademark office approves the filing, the crypto company will only have six months to advertise and offer the product.

"Be on the lookout for the Allowance of Use from the trademark office... Ripple only has 6 months to advertise, sell, etc, the service, and file a Statement of Use (SOU). You’ll know what it’s all about before the summer is over probably," Hogan explained.

Once this product is launched, it will surely bolster Ripple's presence in the crypto industry. The company has already taken the lead in the blockchain-powered payments sector, with this offering set to boost an XRP price rally to as high as $5 within months.

The possibility of a crypto wallet being launched by Ripple has sparked speculation among crypto traders, especially as it pivots towards expanding its crypto offerings. This filing also comes after several bullish catalysts that are already driving Ripple's price including the possible end of the SEC vs. Ripple lawsuit, a spot ETF filing, and a possible $125M XRP purchase by the US government.

As the anticipation builds, the technical outlook on the daily chart also shows promise. The price has broken out of a descending trendline on the daily chart and is dropping to retest this level. A successful retest will confirm the strength of the trend. If it holds this support and forms a bullish leg past the 50% Fibonacci level of $2.57, it could stir massive gains to a multi-month high of $3.75.

This bullish outlook is further confirmed by the Bollinger bands as XRP price turned the middle band into support. Looking at the past trends, each time Ripple moved above this middle band ignited an uptrend. With the potential launch of a crypto wallet, this rally could happen soon.

However, for this bullish trajectory to continue, the RSI needs to flip above 50 to confirm a surge in the buying pressure.

The potential release of a crypto wallet that will expand Ripple's digital asset offerings and the bullish technical outlook suggest that the price could be on the path towards a massive rally towards $5.

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