Ripple Labs Applies for US National Banking License with OCC
Ripple Labs has applied for a US national banking license with the Office of the Comptroller of the Currency (OCC), as confirmed by CEO Brad Garlinghouse. This move positions Ripple at the forefront of regulatory compliance in the crypto sector.
A Strategic Leap Toward Regulation
- Garlinghouse highlighted Ripple's commitment to compliance, stating that a banking license would establish a new benchmark for trust in the stablecoin market.
- Ripple is already regulated by the New York Department of Financial Services for its RLUSD stablecoin.
- Pursuing the OCC charter aligns Ripple with Circle, which issues the USDC stablecoin, under the newly passed GENIUS Act.
- The act requires major stablecoin issuers to operate under OCC regulation.
- Ripple has also applied for a Master Account with the US Federal Reserve, allowing it to hold RLUSD reserves directly with the Fed.
XRP Price Action: Primed for a Breakout?
As of now, XRP is trading at $2.28, reflecting a 2.22% increase and a significant 38.33% rise in trading volume to around $4 billion. Despite this momentum, XRP faces resistance at the descending trendline near the Fib 0.618 retracement level ($2.6091).
Current indicators show:
- RSI at 57.16, indicating room for upward movement.
- MACD shows a bullish crossover, suggesting an early upward trend.
- Fibonacci extension targets include $3.04 (2.618), $3.47 (3.618), and $3.74 (4.236) should XRP break above the $2.60–$2.70 zone.
A successful breakout could confirm a bullish reversal for XRP.