XRP News: Ripple Wins Full EU EMI License Approval

Key Insights:

• In the XRP news section, Ripple received a full EU EMI license from Luxembourg’s CSSF, boosting regulated EU operations.
• The 16% fall in price is testing the technical strength of XRP, which is currently at the support of the $1.38 mark.
• The number of its licenses worldwide is over 75, which adds to the compliant strategy to enterprise blockchain that Ripple pursues.

Ripple has obtained a final license as an Electronic Money Institution (EMI) offered by the Luxembourg financial regulator CSSF. The relocation will help the blockchain firm to increase licensed payment services throughout the European Union.

In the meantime, XRP is retaining its critical support point at $1.38 until it sharply drops, which has made the market wonder how it will act next.

However, as per the latest XRP news, Ripple stated that its previous in-principle approval was now fully developed into an EMI license. With over 75 licenses globally, Ripple now ranks among the most regulated firms in the digital asset space.

XRP NEws: Ripple Secures Full EMI Approval in Luxembourg

Ripple’s latest license adds significant regulatory clarity to its operations within the EU bloc. As per XRP news, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) granted the license after the firm fulfilled all requirements since receiving preliminary 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 Ripple’s 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 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.

Ripple’s 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.