Ripple, the parent company of XRP, is taking steps towards legitimizing its cryptocurrency by seeking a banking license, increasing interest in XRP.
Ripple Seeks Banking License
Ripple has submitted an application for a national banking license to the Office of the Comptroller of the Currency (OCC). This move changes the company's perception from being a 'rebel' in the financial industry. Ripple's CEO Brad Garlinghouse confirmed the application on platform X.
XRP's Market Prospects
Since Ripple's announcement, the price of XRP has increased by 3.2%, reaching $2.27. Technical analysis indicates a potential target for growth to $2.65 and then $3. The market reacts not only to technical indicators but also to institutional signals, such as the inclusion of XRP in Grayscale's new multi-asset ETF.
RLUSD: Innovations in Stablecoins
Ripple is developing its stablecoin RLUSD to compete with Circle's USDC. The application for a banking license and an account with the US Federal Reserve highlights the aim to ensure high security and trust standards for their product.
Ripple’s regulatory approach and the rise of XRP could change the dynamics of the cryptocurrency market, especially in the context of stablecoins and growing institutional support.
