XRP News: Ripple Gets Green Light to Launch Its Own Bank – Is XRP About to Explode?

XRP (XRP) has barely moved today, booking a mild 0.2% gain in the past 24 hours that pushed the token slightly above the $2 mark.

The market seems to be opting to ignore a specific piece of news that could have a dramatic impact on the project long-term outlook.

OCC’s Official X Account – Source: X.com

Today, the Office of the Comptroller of the Currency (OCC) granted conditional approval to the Ripple National Trust Bank, in a huge step that could result in the rapid integration of blockchain technology and traditional banking.

Shortly after the OCC’s announcement, the Chief Executive Officer of Ripple, Brad Garlinghouse, commented: “This is a massive step forward – first for $RLUSD, setting the highest standard for stablecoin compliance with both federal (OCC) & state (NYDFS) oversight.”

Ripple Keeps Making Progress to Secure Key Licenses Worldwide

Ripple has taken important steps to secure licenses in key jurisdictions for both Ripple USD (RLUSD) and its XRP-based payment solutions, all of which are powered by the XRP Ledger.

Some of these top-notch jurisdictions include the United States, including the state of New York, Singapore, Dubai, Abu Dhabi, and more. Ripple claims to have secured over 60 different permits to operate legally as it continues to advance in its vision of becoming the world’s go-to blockchain for cross-border enterprise payments.

In just a year, RLUSD has reached a market cap of $1 billion, while Ripple recently launched its OTC brokerage for institutions called Ripple Prime. All of these regulatory and project-specific advancements are paving the way for a new era of growing institutional adoption.

Meanwhile, Wall Street seems to be interested in XRP, as reflected by the positive performance of the recently-launched XRP exchange-traded funds (ETFs).

XRP ETFs Daily Net Inflows and Total Assets – Source: SoSo Value

These vehicles have already neared the $1 billion mark in assets under management (AUM) and have booked an 18-day streak of positive net inflows. XRP ETFs are now larger than their Solana-linked peers despite the latter’s attractive staking rewards.

All of these latest developments are bullish for XRP as they indicate that mainstream adoption is accelerating. Ripple continues to capitalize on a significant shift in the regulatory landscape, which, paired with a positive macroeconomic environment, should create a strong base for XRP’s next leg up.

XRP Price Analysis: Multiple Rejections of $2.2 Could Result in a Big Drop

Despite the news, the daily chart for XRP shows signs that the market is not yet willing to reverse the token’s downtrend.

XRP Daily Chart (Coinbase) – Source: TradingView

In this regard, XRP has rejected a move above the $2.2 mark multiple times in the past few weeks. This is a pivotal level for the token, as a move above immediately invalidates XRP’s bearish structure.

We can see multiple failed attempts to cross above this mark in the chart, and that increases the odds of an upcoming dump to the token’s lower trend line support at around $1.83. This means a downside risk of 8.5%.

The Relative Strength Index (RSI) confirms that XRP is still in a stage of accumulation. The most likely scenario at this point is that the price dives to grab some sell-side liquidity at lower levels, as it has been unable to break through this key resistance.

Hence, we may expect a big move downwards before the next leg up commences. The long-term outlook for XRP continues to be bullish as institutional adoption is as strong as it gets, while Wall Street seems to be loving the token based on how ETFs have performed thus far.