XRP News Today: Ripple Labs Seeks US Banking License, XRP Eyes 20% Gain

Ripple Labs, the company behind the cryptocurrency XRP, has submitted an application for a US banking license, a move that has sparked significant interest and optimism within the crypto community. This development is seen as a potential catalyst for XRP, with analysts predicting a rally to $2.65. The application for a banking license is a strategic move by Ripple, aiming to expand its services and integrate more deeply into the traditional financial system. This could pave the way for increased adoption and usage of XRP, as Ripple seeks to leverage its technology for cross-border payments and remittances.

Ripple Labs CEO Brad Garlinghouse announced the application for a national bank charter from the Office of the Comptroller of Currency (OCC). If approved, Ripple would come under federal and state oversight, creating a new benchmark for trust in the stablecoin market. This move is part of a broader strategy to enhance Ripple's position in the digital asset space. By obtaining a banking license, Ripple would be able to offer a wider range of financial services, including custody solutions and payment processing. This could attract more institutional investors and partners, further boosting the demand for XRP.

The potential rally to $2.65 is based on technical analysis of XRP's chart patterns. According to the analyst's forecast, the current chart pattern suggests a bullish trend, which, combined with the news of the banking license application, could drive the price of XRP higher. This forecast is not a guarantee of future performance but rather an indication of the potential impact of these developments on the cryptocurrency's value. XRP rebounded off the 20-day exponential moving average ($2.19) and broke above the 50-day simple moving average ($2.23), suggesting that the bulls are trying to gain the upper hand. The XRP/USDT pair could rise to the $2.34 level, which is likely to pose a strong challenge. If the price turns down from $2.34 and breaks below the 20-day EMA, it signals that bears are selling on rallies. That may keep the pair inside the $2.34 to $2 range for a while. Contrary to this assumption, if the price pierces the $2.34 level, it opens the doors for a rally to the overhead resistance of $2.65. Sellers are expected to defend the $2.65 level with all their might because a break above it could start a new up move toward $3.

The pair has formed a bullish inverse head-and-shoulders pattern, which will complete on a break and close above the neckline. If that happens, the pair could rally to $2.42 and then to the pattern target of $2.76. This positive view will be invalidated in the near term if the price turns down from the neckline and breaks below the $2.14 support. That increases the risk of a fall to $2.07.

In addition to the banking license application, Ripple's strategic partnership with OpenPayd, a leading provider of financial infrastructure, is another significant development. This collaboration aims to leverage Ripple's technology to provide innovative financial solutions, further strengthening Ripple's position in the market. The partnership is expected to drive growth and adoption of XRP, as OpenPayd integrates Ripple's technology into its services.

The recent launch of the XRPL EVM Sidechain is another milestone for the XRP Ledger. This upgrade transforms XRP from a payments-focused cryptocurrency to a more versatile platform, capable of supporting a wider range of applications and use cases. The EVM Sidechain allows for the execution of smart contracts, enabling developers to build decentralized applications (dApps) on the XRP Ledger. This development is expected to attract more developers and users to the platform, further enhancing its ecosystem.

In summary, Ripple's application for a US banking license, combined with its strategic partnerships and technological upgrades, positions XRP for potential growth. The bullish chart pattern and the analyst's forecast of a rally to $2.65 add to the optimism surrounding the cryptocurrency. However, it is important to note that these developments do not guarantee future performance, and investors should conduct their own research before making any investment decisions.