CEO of Ripple, Brad Garlinghouse, announced the company has applied for a national bank charter. If approved, it could strengthen Ripple's position in the crypto industry.
Banking License Application
Ripple has submitted an application for a national bank charter with the Office of the Comptroller of the Currency. If approved, the company will be under both state and federal oversight. This will create a unique position for Ripple among crypto companies having comprehensive regulatory backing.
XRP Growth Potential
Analysts believe that obtaining a banking license would give Ripple parity with major banks such as JPMorgan. This could enhance trust in XRP for international payments. Predictive models suggest XRP's price could range from $10 to $22, depending on the extent of adoption by banks.
Market and Regulatory Impact
Ripple's application for a banking license is viewed as a significant step towards gaining regulatory trust. Brad Garlinghouse emphasized that securing this license would recognize Ripple as a legitimate player in the financial market. This could attract more banks and investors, enhancing the value of the XRP cryptocurrency.
Ripple's application for a banking license could profoundly change its market position, increasing trust and ensuring strong regulatory support.
