Ripple’s UK FCA License Lifts Institutional Confidence While XRP Eyes $3.66

Ripple has received official notification of having an Electronic Money Institution (EMI) license and a Cryptoasset Registration from the Financial Conduct Authority (FCA) in the UK, a major move forward in the area of blockchain payment solutions. Ripple can therefore provide the payment solutions using the blockchain technology required by the UK.

This achievement not only enhances the firm’s position in the regulated payments industry but also allows businesses and individuals to conduct transactions with digital assets in a secure environment. This comes against the backdrop of an ever-clearer regulatory framework. Ripple is thus emerging as the model in the industry regarding the secure and compliant use of crypto assets.

Also Read: XRP Rallies 35% From $1.80 Support—$10 Could Be Next

Institutional Investors Pump $4.93M Into XRP ETF

However, the data from Whale Insider revealed that institutional investors of a popular cryptocurrency-based ETF have invested a total of just over $4.93 million in XRP. Consequently, the total net assets of the fund now amount to a total of approximately $1.47 billion. The significant investment in XRP by institutional investors indicates a growing interest in Ripple among such investors.

Source: X

Analysts believe this is the result of rising confidence levels in the token due to increased regulatory clarity and widespread adoption. As ETF connectivity is one of the primary factors facilitating traditional markets’ entry into the crypto markets, rising investment could indicate positive future market performance.

XRP Eyes Major Upside After Consolidation Phase

Moreover, the crypto analyst, BitGuru, emphasized that XRP appears to be turning the corner after the completion of the downtrend process, accompanied by the liquidity sweep. In the last couple of weeks, the token has been consolidating in the form of a tight base formation, which could be an indication of an impending surge in the levels of volatility in the market. The consolidation zones are commonly seen before an upward move in the markets.

Source: X

Currently trading around $2.08, there appear to be some short-term gains to be made going towards $3 for XRP, but ultimately what will be seen in the long run is somewhere around $3.66. With buyer accumulation ongoing, there appears to be a lack of selling pressure in play. Furthermore, there appears to be enough potential for a breakout to occur to make this phase of consolidation one of the most intriguing ones in trading today.

Also Read: XRP Price and Dominance at Pivotal Point: Could $3.30 Be Next?