XRP News Today: Ripple Seeks US Banking License Boosting XRP 3.2%

Ripple, the parent company of XRP, has made a significant move by applying for a national banking license with the Office of the Comptroller of the Currency (OCC). This strategic initiative aims to place its stablecoin RLUSD and XRP-related services under federal and state supervision, thereby reinforcing regulatory compliance and institutional trust. The application, confirmed by Ripple CEO Brad Garlinghouse, marks a shift from the company's previous stance of challenging the banking system to actively seeking integration within it.

In addition to the banking license application, Ripple has also applied for a master account at the Federal Reserve through its subsidiary Standard Custody. This move would allow for direct deposits of RLUSD reserves at the US central bank, further strengthening the security and stability of its financial operations. This dual regulatory offensive not only transforms Ripple's image but also positions it as a pioneer in the crypto-banking model, potentially setting a new standard for the industry.

Following Ripple's announcement, the price of XRP experienced a 3.2% increase, reaching $2.27 before stabilizing. This price movement is indicative of the market's positive response to the regulatory developments. Analysts are closely monitoring the formation of an inverted head and shoulders technical pattern, which, if confirmed, could see XRP's price target rise to $2.65 and potentially reach $3.00. The market's reaction is not solely based on technical indicators but also on institutional signals, such as the inclusion of XRP in Grayscale’s new multi-asset ETF, which opens the door to broader exposure through regulated funds.

Ryan Lee, chief analyst at Bitget Research, emphasized the significance of Ripple's regulatory compliance efforts, stating that the application for a US national banking license and the inclusion of XRP in Grayscale’s ETF are strategic initiatives aimed at reinforcing regulatory compliance and institutional trust. However, he also cautioned about the legal uncertainty surrounding XRP, which could potentially slow down its anticipated surge.

Behind Ripple's quest for regulatory compliance lies the technical challenge of its stablecoin, RLUSD. This stablecoin aims to challenge the dominance of Circle’s USDC by embodying regulatory standards. The request for a Fed account further strengthens the security of RLUSD, positioning it as a trustworthy option for cross-border payments. The GENIUS Act, recently adopted by the Senate, provides for strengthened supervision of stablecoin issuers, and Ripple is poised to establish itself within this regulatory framework.

Key figures to note include XRP's trading price of $2.22 at the time of the announcement, a 3.2% increase in 24 hours following Garlinghouse’s tweet, and a technical bullish target of $2.65, with a potential rise to $2.76. The support zone is at $2.14, and an included ETF could amplify XRP liquidity. The time is ripe for structuring, and Ripple, through its RLUSD, is acting as a pioneer of a new crypto-banking model. The regulatory breakthrough has rekindled interest in XRP, supported by signs of growing adoption. A fully dedicated XRP ETF could serve as the springboard that holders have been waiting for, potentially propelling XRP to new heights.