XRP (CRYPTO: XRP) recorded impressive gains over the past week, rising by nearly 7%, with Ripple Labs’ partnership with Bank of New York Mellon (NYSE:BK) providing the latest impetus.

On Wednesday, it surged to a 7-week high of $2.40. In a note to Benzinga, Arthur Azizov, founder and investor at B2 Ventures, said that XRP is likely to hit $2.65 if it manages to hold over $2.34.

"Since XRP has been in accumulation for quite a long time, the outlook remains positive. Most likely, the breakout will be to the upside, with targets in the $4–6 range," Azizov said.

The bank’s history is tied to America's founding father, Alexander Hamilton, who co-founded The Bank of New York in 1784, a direct predecessor of today’s BNY Mellon.

A slew of bullish triggers have aided the cryptocurrency's advance this year.

First and foremost, the resolution of Ripple's years-long legal battle with the SEC, with the company withdrawing its appeal against the regulator. 

Secondly, Ripple applied for a national banking license with the U.S. Office of the Comptroller of the Currency in a bid for increased legitimacy and regulatory clarity. 

Furthermore, issuers such as Grayscale, WisdomTree, and 21Shares filed for various spot XRP exchange-traded funds, adding to optimism about its mainstream adoption.

Price Action:  At the time of writing, XRP was exchanging hands at $2.44, up 4,68% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, it has gained 16.46%.

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