🚀 XRP Targets $2.95 — Ripple’s U.S. Banking Ambitions Spark Bullish Frenzy
XRP recovers after breaching the 100-day EMA amid market bullishness.
Ripple seeks a US OCC national banking charter for compliant stablecoin and cross-border payments.
Open Interest rises to $4.47 billion and volume to $7.31 billion, boosting XRP interest.
On Thursday, Ripple (XRP) breaks over a critical resistance level to trade at $2.29. The cross-border money transfer token used by Ripple Payments is up over 2.5% today, indicating cryptocurrency market optimism.
After recovering from Wednesday's levels, which were halted below support at $2.22, XRP interest rose. CoinGlass data shows a 93% rise in trade volume to $7.31 billion and a 4.47 billion increase in total Open Interest (OI).
Ripple seeks US national banking license
On Wednesday, Ripple CEO Brad Garlinghouse stated via X that the blockchain payments startup has sought for a national bank license from the US Office of the Comptroller of the Currency.
Ripple would be regulated by the New York Department of Financial Services (NYDFS) and the federal government if authorized, providing a new standard for confidence in the rapidly growing stablecoin sector.
The Wall Street Journal (WSJ) reports that Ripple joins other organizations trying to integrate cryptocurrency into conventional finance. Ripple issued $469 million USD-backed stablecoin RLUSD.
A few days after applying for a Federal Reserve (Fed) Master account to keep RLUSD reserves directly with the Fed, Ripple expressed interest in a national banking license. Garlinghouse said this would be a milestone in giving RLUSD more security and confidence.
"Ripple will always develop reliable, secure infrastructure. "RLUSD sets the standard for institutions in a $250B+ market by prioritizing regulation," Garlinghouse wrote on X.
Ripple's Monday cooperation with OpenPayd intends to enhance cross-border transactions by integrating fiat currencies like the Euro (EUR) and Pound Sterling (GBP) with Ripple Payments.
