Ripple, a prominent cryptocurrency company, has officially applied for a national banking license in the United States. This step could lead to significant changes in the regulation of the cryptocurrency sector.
National Banking License Application
Ripple CEO Brad Garlinghouse announced the submission of the application to the Office of the Comptroller of the Currency (OCC). He noted that gaining both state and national approval would set a new benchmark for trust in the stablecoin and digital asset market.
CITE_W_A: "True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC."
Impact on XRP's Price
XRP's price is currently hovering near a support level between $2.10 and $2.25, with fluctuations in the $2.31 to $2.35 range. Analyst Casi Trades pointed out that the 0.382 level is an important support. If XRP breaks above $2.25, it may quickly rise towards $2.69.
License Acquisition Process
The approval process for obtaining a banking license is lengthy, typically taking at least a year. Regulators carefully review business plans, management teams, and conduct background checks. The process involves the OCC for the charter and the FDIC for deposit insurance.
The application for a national banking license represents an essential step for Ripple towards official recognition in the financial sector, which may influence the market and enhance trust in cryptocurrencies.
