Ripple continues to draw attention from investors after filing for a banking license. This event comes after a recent resolution of its conflict with the SEC.
Ripple's Banking License Application
Ripple has officially announced its application for a national banking license with the OCC. CEO Brad Garlinghouse shared this news on his X account, indicating that approval of this application may lead to increased federal oversight of Ripple, enhancing trust in the company and its $RLUSD stablecoin. Additionally, a request was filed for a Federal Reserve Master Account, creating further opportunities for Ripple.
Impact of News on XRP Price
Despite positive investor expectations, the price of XRP has stabilized around the $2.2 level. While there has been an upward trend since the drop to $1.9 on June 22, significant growth has not yet occurred. Analysts anticipate that approval of Ripple's application could lead to long-term price increases for XRP, potentially reaching $3 in the coming days.
Cryptos in Light of Ripple
According to recent analytical data, Ripple's growth may indicate the arrival of an altcoin season, but Bitcoin remains the primary driving force in the cryptocurrency market. Analysts highlight several projects, such as BTC Bull, Snorter, and Bitcoin Hyper, that may appeal to investors against the backdrop of the changes happening with Ripple.
Ripple's application for a banking license could impact the future of the cryptocurrency industry, introducing new opportunities for tokens currently in presale. Ripple's popularity could lead to wider adoption of cryptocurrencies, which in turn would facilitate increased investment in the market.
