XRP News: Ripple Wins Full EU EMI License Approval

Cassie Craddock, the Managing Director of UK and Europe at Ripple, says that the EMI license serves to strengthen Ripple as the center of finance in Europe.

The company will expedite its Ripple Payments product in the EU markets to banks, fintechs, and enterprises interested in compliant blockchain solutions.

The latest XRP news updates showed that the blockchain firm has expanded its presence with regulators. Only a month ago, the company received both EMI and cryptoasset registration by the Financial Conduct Authority in the UK (FCA).

Having more than 75 licenses worldwide, Ripple is now one of the most regulated companies in the digital asset market, which will help it achieve additional enterprise integration.

XRP Price Action: Support Holds Amid Market Pullback

While Ripples institutional credibility received a boost, XRP faces market headwinds. XRP price traded at $1.58 after a 16% drop since January 28.

The Price action indicates that Ripple coin is trying to reclaim the support at the $1.38 position, which coincides with the 33-period exponential moving average and an upward trendline tracing.

This zone of support was stressed by technical analyst EGRAG Crypto as the recent decline was a liquidity sweep. EGRAG also says that the move reflects the past price structure in 2017 and 2021, which resulted in significant price expansions.

XRP Price Analysis | Source: EGRAG CRYPTO, X

XRP price may hit $7 in case it repeats the 340% gain in 2021. Such an increase of 1,600 percent, like in 2017, would put it close to $27. Still, resistance looms at $1.86, and any breakdown below $1.38 could signal further downside.

Ripple Continues Global Regulatory Push

The EMI license that Ripple has obtained in Luxembourg also shows that the company is more engaged in regulations. The XRP news hints that the firm is making a bet on the fact that blockchain payment infrastructure would require compliance first.

Luxembourg, which is a well-known financial licensing country, is a launchpad to serve Ripple Payments in the entire EU.

The push by the firm is in the face of increased preference by institutions towards licensed digital asset solutions.

Ripples activities are geared toward becoming a remittances and payments provider with compliant and crypto-based services in the marketplace, despite competitors being hit harder by stricter regulations in major markets.

Although Ripple has not provided a roadmap for a full EU rollout, the Luxembourg license greatly reduces expansion barriers. The scale of Ripple Payments will probably have to rely on the demands of banks and fintechs operating in the changing digital finance market of Europe.