In a major stride towards global expansion, Ripple has achieved a significant milestone with the Central Bank of Ireland granting approval to Ripple Markets Ireland Limited as a registered Virtual Asset Service Provider (VASP).
This green light means that Ripple Markets is now authorized to provide digital asset services within Ireland, marking a pivotal moment for the cryptocurrency giant.
The approval, announced on Wednesday, comes hot on the heels of Ripple’s success against the U.S. Securities and Exchange Commission (SEC) in the July 2023 sales of XRP ruling, which has been instrumental in reshaping the company’s trajectory. Notably, prior to this ruling, Ripple faced reluctance from global central banks and regulatory agencies, hindering its growth prospects. However, the tide turned with the approval from the Central Bank of Ireland, adding to the list of recent regulatory victories for Ripple.
Stuart Alderoty, Ripple’s Chief Legal Officer, expressed his enthusiasm for the approval, stating, “Capping off incredible momentum in 2023 with the Central Bank of Ireland approving Ripple as a registered VASP to offer compliant crypto services.”
He also highlighted other key milestones achieved in the same year, including obtaining a Major Payments Institution license from the Monetary Authority of Singapore and gaining approval for XRP use within the Dubai International Financial Centre. Ripple CEO Brad Garlinghouse echoed Alderoty’s sentiments, expressing the company’s commitment to a compliance-first mindset as it enters 2024.
Notably, this approach aligns with Ripple’s long-standing commitment to navigating regulatory landscapes and fostering trust among financial institutions.
However, despite these positive developments, XRP has found itself in a sideways consolidation since early November, unlike cryptocurrencies like Bitcoin, Ethereum and Solana, which have experienced considerable growth in recent weeks. Nonetheless, a storm of optimism has been blowing among XRP enthusiasts, who believe the latest approval in addition to user traction to products like the XRP Ledger (XRPL), will be key to XRP’s price in the next major bull run.
That said, technically, despite having encountered two major rejections since November 5, the XRP chart reveals a pattern of sideways consolidations, a phenomenon attributed to a surge in holder behaviour. Should XRP successfully breach the current minor resistance at $0.6330, it can surge beyond $0.8, with a further target of $1.32, before initiating a broader upward trend that could reach $3 or beyond.
At press time, XRP was trading at $0.64, reflecting a 6.50% surge over the past 7 days, as per data from CoinMarketCap.