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XRP is poised to experience a significant price revaluation in the wake of Ripple’s bold decision to bid for a national banking license.
As reported by CNF, Ripple CEO Brad Garlinghouse has confirmed that the blockchain company has filed an application with the Office of the Comptroller of the Currency (OCC) to obtain a national bank charter. This strategic move is meant to bring stability and regulation to its stablecoin RLUSD, which currently boasts a market capitalization of $469 million.
The OCC’s approval would grant Ripple the ability to hold RLUSD reserves directly with the Federal Reserve, providing an additional layer of security for this asset-backed stablecoin. Garlinghouse emphasized that such a license would establish a new benchmark for trust in the stablecoin market, suggesting that Ripple is committed to prioritizing regulatory compliance.
Ripple’s ambitious move follows a similar application by Circle, another prominent digital assets company, which filed its request on June 30. According to reports, the OCC has been working to create clearer regulations for the industry, and it seems that some companies are taking proactive steps to align themselves with these new guidelines.
The approval of Ripple’s banking license would not only bring significant stability to RLUSD but also send a powerful signal to the market about the commitment to regulation and compliance. According to an analyst identified as AltcoinBale, this could have a profound impact on the price of XRP, potentially propelling it to new highs.
While XRP was trading at $2.29 at the time of writing, which represents a remarkable 5% gain in just seven days, some experts predict that this momentum will continue if regulatory approval comes through. In fact, earlier reports suggested that XRP could surge by as much as 430% following Ripple’s successful bid for the banking license.
It is essential to note that these predictions are based on market analysis and should not be taken as investment advice.
Source: www.crypto-news-flash.com
