XRP could rally nearly 15% as Ripple gets crypto license in Ireland
- Ripple announced its acceptance to the Central Bank of Ireland’s list of registered Virtual Asset Service Providers.
- Earlier this year, Ripple received a full Major Payments Institution license from Singapore's MAS, and the Dubai FSA approved XRP’s use by licensed institutions.
- XRP price could attempt a recovery to $0.66 in response to the rising usage of the token.
Ripple’s Chief Legal Officer, Stuart Alderoty, said on Wednesday that the cross-border payment remittance firm got the approval to operate as a digital asset provider in Ireland. The green light to operate in the European country follows the approval of other licenses in Singapore and Dubai earlier this year.
The payment giant’s access to new markets drives XRP adoption and utility. This could trigger gains in XRP price.
Also read: Ripple joins crypto firms in $78 million initiative to support pro-crypto candidates in US elections
Ripple gets license in Ireland, adding to 2023 wins
- Ripple CLO announced the firm’s acceptance to the licensed Virtual Asset Service Provider List of the Central Bank of Ireland. The registration will allow Ripple, an enterprise blockchain and crypto solutions firm to provide certain digital assets services to entities within Ireland.
- Earlier this year, Ripple also received a Major Payments Institution (MPI) license in Singapore from the Monetary Services Authority, and Dubai’s Financial Services Authority approved XRP’s use by licensed institutions.
Capping off incredible momentum in 2023 with @centralbank_ie approving Ripple as a registered VASP to offer compliant crypto services. This year, we also received our full Major Payments Institution license from @MAS_sg and the Dubai Financial Services Authority approved XRP for… https://t.co/PfKtv7PGzZ
— Stuart Alderoty (@s_alderoty) December 20, 2023
- In the US, Ripple has 35 Money Transmitter Licenses (MTL), and Ripple’s Singapore subsidiary – Ripple Markets APAC Pte Ltd – secured its MPI, and stricter compliances, but the ability to conduct multiple payment services with no threshold.
- Ripple’s licensing in different countries is likely to boost XRP utility and adoption, acting as a catalyst for XRP price.
- XRP price was largely influenced by the SEC vs. Ripple lawsuit in 2023. The rising adoption of Ripple technology is expected to impact the altcoin’s valuation in the near future.
- Ripple unveiled its plan to provide services to clients across the Eurozone once the Markets in Crypto Assets regulation (MiCA) comes into force at the end of 2024. This development is subject to acquiring other necessary licenses by the crypto and blockchain solutions firm.
XRP price could gain nearly 15%
Crypto analyst on X (formerly Twitter), @Mangyek0 notes that XRP could rally to $0.66. The analyst said XRP is relatively highly correlated with Bitcoin, and said that if BTC does not slide lower, XRP price could reach $0.70, a nearly 15% rally from the current price level of $0.61.
XRP/USDT Perpetual Contract chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
