Key Takeaways
- Brad Garlinghouse, Ripple’s CEO, confirms the application for banking licenses, as this could boost its ecosystem.
- Ripple’s stablecoin (RLUSD) and XRP ledger (XRPL) have attracted institutional investors looking to explore blockchain technology.
- XRP’s price could experience a significant upward surge in the coming weeks following strong fundamental news.
This week is getting interesting for XRP and its ecosystem, as the crypto project that has been under years of struggle with the U.S. SEC (Securities and Exchange Commission), however things could be taking a different turn as the Ripple project could move from the regular crypto compliance game to something even more ambitious, with the project seeking U.S. banking licenses.
Related Read – Bullish Pattern Emerges for XRP Ahead of Breakout – Crypto Expert
Ripple Banking Licenses Imminent
Ripple CEO, Brad Garlinghouse, on his X account, confirmed this with a statement: “I am honored to be invited to testify in front of the Senate Banking Committee this Wednesday on the need for passing crypto market structure legislation. Thank you to BankingGOP Chairman SenatorTimScott, SenLummis and SenRubenGallego (as leaders of the Subcommittee for Digital Assets). Your leadership – both with this hearing and over the years in championing the crypto industry – has been critical to getting us to this important moment.”
Constructive crypto market structure legislation in the US is imperative in bringing about a new era of innovation and financial opportunity, while protecting consumers.
While many crypto projects are struggling to obtain a basic money transmitter permit, this could lead to a game-changer for the general crypto market, bringing more benefits to the Ripple ecosystem. As the crypto project will be able to operate like an actual bank, it will allow other traditional financial systems to leverage its stablecoin technology.
Brad Garlinghouse further added regarding Ripple Licensing that is imminent on his X account, stating, “True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.
Earlier in the week via StandardCustody, we also applied for a Fed Master account — while Congress is working towards clear rules and regulations, and banks (in a far cry from the years of Operation Chokepoint 2.0) are leaning in, this access would allow us to hold RLUSD reserves directly with the Fed and provide an additional layer of security to future proof trust in RLUSD.
Ripple has always and will continue to build trusted, battle-tested, and secure infrastructure. In a $250B+ market, RLUSD stands out for putting regulation first, setting the standard that institutions expect.”
What could this mean for XRP’s price action in the coming days and weeks, as July may turn out to be a strong month for XRP’s price?
Ripple (XRP) Price Analysis
XRP Price Ahead of Bank Licensing – Source TradingView
Crypto experts who have seen strong fundamentals in the last few days are suggesting that the price of XRP could be gearing up for a major price breakout towards a key resistance level of $2.6.
A breakout above $3 could lead to a price rally to new all-time highs of $5 and beyond. All focus for crypto traders and investors is on its ETF approval and resolution of its SEC lawsuit, which would be seen as a major victory for XRP and its ecosystem.
