Banking policy is becoming increasingly complex for Ripple as 42 US banks, including JPMorgan and Bank of America, have protested against the company’s banking license application. This has raised numerous questions about XRP's volatility and its price outlook.
Who Is Protesting Against Ripple
A group of major financial institutions representing giants like Wells Fargo, Goldman Sachs, and Morgan Stanley has officially opposed Ripple's application for a banking license in the US.
Reasons for Bank Resistance
The Bank Policy Institute (BPI) has cited "risk to the banking system." Many in the crypto community see this as a fear of losing control over settlement layers, as Ripple seeks to offer stablecoin services and improve cross-border transactions.
XRP Volatility Analysis
At the time of writing, the price of the XRP token is $2.95, down 2.81% over the last 24 hours. Despite shaky short-term sentiment, technical indicators suggest that if the price breaks $3.10 with volume, it could rise towards $3.50.
While the protest against Ripple's license may appear to be a crisis, for some analysts, it may be a hidden signal that the banks' resistance confirms Ripple's potential within the financial sector. The volatility of XRP may reflect not only fear but also anticipation of significant market changes.
