Ripple's (XRP) price advances momentum on Thursday, returning above a key resistance hurdle to exchange hands at $2.29 at the time of writing. The cross-border money remittance token adopted for the Ripple Payments network is up over 2.5% on the day, reflecting positive sentiment in the broader cryptocurrency market.
Ripple applies for US national banking license
Ripple's CEO, Brad Garlinghouse, announced on Wednesday via X that the blockchain payments company had applied for a national bank charter from the United States (US) Office of the Comptroller of the Currency (OCC).
If approved, Ripple would be regulated both at the state level under the New York Department of Financial Services (NYDFS) and by federal oversight, setting a new and unique benchmark for trust in the market that is advancing quickly toward mass stablecoin adoption.
According to the Wall Street Journal (WSJ), Ripple joins other institutions seeking to bridge the gap between cryptocurrencies and mainstream finance. Ripple is the issuer of RLUSD, a US Dollar (USD) backed stablecoin valued at $469 million.
Technical Outlook: XRP uptrend anchored
$XRP price remains slightly above previous technical hurdles, as highlighted by the 50-day Exponential Moving Average (EMA) at $2.21 and the 100-day EMA at $2.22. The cross-border money transfer token appears technically predisposed to extend the uptrend above the descending trendline resistance, as shown on the daily chart below.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator, maintained since Saturday, upholds the bullish outlook, encouraging traders to elevate their risk appetite.