XRP News Today: Ripple Seeks National Banking License for Expanded Crypto Services

Ripple, the company behind the cryptocurrency XRP, has taken a significant step by applying for a national banking license from the Office of the Comptroller of Currency (OCC). This move is part of Ripple's broader strategy to expand into regulated finance, aiming to extend its cryptocurrency services and operate across state lines under federal laws. The license would enable Ripple to custody its own assets and provide a more stable and regulated environment for its financial services.

Ripple CEO Brad Garlinghouse announced the news, emphasizing the company's long-standing commitment to compliance. He stated that gaining both state approval and a national charter would set a new benchmark for trust in the stablecoin and digital asset market. This move positions Ripple as one of the few crypto firms to hold both state and federal oversight, marking a significant entry into mainstream finance.

Looking at XRP’s price action, the token has been moving sideways in recent weeks. On the 12-hour chart, XRP has been stuck between a support level of around $2.10 to $2.25 and a resistance zone between $2.31 to $2.35. There’s no strong momentum in either direction, with small bullish and bearish moves keeping the price bouncing within this tight range. This pattern could continue for the next few days or even weeks unless a bigger event or announcement shakes up the market.

Analyst Casi Trades noted that XRP is still holding an important support level at 0.382. The price keeps reacting here, showing how strong this area is. If XRP breaks above $2.25 and holds it as support, it could quickly move towards $2.69, with a stop near $2.45. Casi said that the RSI will be key to watch for signs of strength or weakness.

While Ripple’s application for a U.S. national bank license is a significant development, the approval process is lengthy. It usually takes at least a year or more to complete, as regulators carefully review business plans, management teams, background checks, and public feedback. The process involves the Office of the Comptroller of the Currency (OCC) for the charter and the FDIC for deposit insurance.

Ripple's application comes at a time when other stablecoin issuers have also made similar moves, indicating a growing interest among cryptocurrency companies to seek regulatory approval and operate within the framework of traditional banking systems. By obtaining a national banking license, Ripple aims to enhance the credibility and stability of its financial services, including its Ripple USD stablecoin.

The potential benefits of Ripple's application for a national banking license are substantial. It would allow Ripple to operate under federal laws, providing a more stable and regulated environment for its financial services. This could attract more institutional investors and increase the adoption of XRP and other Ripple-related services. Additionally, the license would enable Ripple to extend its services across state lines, expanding its reach and influence in the financial sector.

However, the process of obtaining a national banking license is complex and time-consuming. Ripple will need to demonstrate its compliance with federal regulations and meet the stringent requirements set by the OCC. The outcome of this application will depend on various factors, including Ripple's ability to address regulatory concerns and its commitment to transparency and accountability.