Ripple's regulatory approvals from New York and Texas fail to boost XRP price
- Ripple secured two new Money Transmitter Licenses in New York and Texas.
- Users in these regions can now enjoy Ripple's services following the company's full license to operate.
- XRP could extend its decline to $2.33 with rising bearish pressure.
XRP briefly slipped below $3.00 on Monday following Ripple's announcement that it has obtained Money Transmitter Licenses (MTLs) in New York and Texas, permitting customers in the region to enjoy its services.
XRP down despite Ripple's regulatory push
Digital asset provider Ripple announced that it has further expanded its reach across the US with two key licenses.
The company secured Money Transmitter Licenses (MTLs) in New York and Texas, which are known for their rigorous regulatory standards.
MTLs help Ripple Payments customers use a licensed version of its service for cross-border payments in the US while the company takes care of the customer's entire transaction process.
With the addition of these licenses, Ripple claims to hold over 50 MTLs across the country, complementing its portfolio of more than 60 licenses worldwide.
The newly acquired licenses in New York and Texas enable Ripple to extend its compliance-first payment solutions to customers in these regions.
The company also claims that these services cater to both traditional banks and crypto businesses, providing them with a robust platform for cross-border transactions.
Additionally, Ripple stated that customers can leverage its global payments network with a streamlined integration process. This aims to simplify onboarding in the rapidly evolving payments landscape.
Ripple's latest achievement adds to the changing legal environment in the US regarding cryptocurrencies and related companies.
Donald Trump's administration promises to make America the crypto capital of the world, with several orders already set in place for a better regulatory environment.
XRP briefly slipped below $3 as the general crypto market suffered a decline fueled by rising interest in Chinese-based AI chatbot DeepSeek.
XRP could extend decline to $2.33 if key support fails
XRP sustained over $35.27 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long and short positions accounted for $27.99 million and $7.29 million, respectively.
XRP declined below the $2.90 level on Monday before finding support near the $2.62 level. The remittance-based token bounced at $2.68 and is attempting to move above a channel's upper boundary.
XRP/USDT 8-hour chart
A move above this upper trendline resistance could help XRP reach a new all-time high above $3.55. A rejection could see XRP declining to $2.62.
The Relative Strength Index (RSI) is testing its neutral level line, and the Stochastic Oscillator (Stoch) has crossed above its mid-level, indicating rising bullish momentum.
A daily candlestick close below $2.33 will invalidate the thesis.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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