XRP Surges $6B After Ripple Applies for US Banking License

XRP's market capitalization surged by over $6 billion following Ripple's regulatory milestone announcement. The cryptocurrency rose from $2.17 to $2.28, boosting its total market value from $128.94 billion to $135.40 billion, according to CoinMarketCap data analyzed by Finbold. Trading volume simultaneously jumped 43.84% to reach $4.17 billion.

The rally was triggered by Ripple CEO Brad Garlinghouse's confirmation that the company has formally applied for a national banking charter with the U.S. Office of the Comptroller of the Currency (OCC). Additionally, Ripple has sought a Master Account from the Federal Reserve - approval would provide direct access to the U.S. banking infrastructure.

This strategic shift could transform Ripple from a crypto payments specialist into a fully regulated financial institution. It also positions RLUSD, Ripple's planned stablecoin, as a potential competitor to established dollar-pegged assets like USDC and USDT.

Securing the license would allow Ripple to operate without third-party banking intermediaries, enhancing control over compliance, settlement processes, and RLUSD issuance - potentially redefining its role in America's financial ecosystem.