In a strategic move for Ripple, the leader in enterprise blockchain and crypto solutions, the Central Bank of Ireland (CBI) has officially added Ripple Markets Ireland Limited (Ripple Markets) to its roster of registered Virtual Asset Service Providers (VASPs). This announcement, revealed through a recent X post, underscores Ripple’s increasing foothold in the European market.
According to a recent report, this decision by the CBI holds significant implications for Ripple’s operations. As a registered VASP, Ripple Markets gains authorization to offer specific digital asset services within Ireland. Moreover, Ripple eyes expansion across the European Economic Area upon enforcing the Markets in Crypto Assets Regulation (MiCA) at the end of 2024. However, this expansion remains contingent upon securing additional essential licenses.
Ripple’s establishment of its Dublin office in 2022 acknowledges Ireland’s emergence as an accommodating hub for companies spearheading innovative financial technologies. The CBI’s establishment of an Innovation Hub in 2018 further cemented Ireland’s reputation as an inviting space for fintech firms, fostering a more collaborative relationship between these entities and regulatory bodies.
Eric van Miltenburg, Ripple’s SVP of Strategic Initiatives, praised the CBI’s recognition, emphasizing Ireland’s supportive stance toward the virtual assets industry. This bolsters Ripple’s commitment to making Ireland its primary EU regulatory base, citing how regulatory clarity boosts confidence in digital assets, payments, and the broader fintech ecosystem.
Amidst these regulatory advancements, Ripple persists in collaborating with global regulators to harness blockchain and cryptocurrencies for businesses and their customers. Ripple’s Singapore subsidiary, Ripple Markets APAC Pte Ltd, secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). Moreover, in 2023, Ripple acquired most of its 35 money transmitter licenses (MTLs) in the U.S., a crucial step toward improving customer experience.
Despite Ripple’s positive regulatory strides, on-chain data analysis reveals a stark decline in XRP trading volume, hindering its participation in the broader altcoin market surge. Coinglass data demonstrates a considerable $148.4 million drop in XRP’s daily trading volume between December 9 and December 19, signaling a potential downside for its price.
XRP is trading at $0.6098, reflecting a decrease of 0.37% within the last 24 hours, alongside a marginal increase of 1.42% over the past 7 days. Technical indicators, including Bollinger Bands, suggest a bearish outlook for XRP’s price, with a looming possibility of dropping below $0.60. The absence of bullish news could further empower bearish forces, potentially steering XRP towards a downward trajectory unless substantial support surfaces around the $0.59 mark.
The dynamic interplay between Ripple’s progress in regulatory acceptance and the continual oscillations in XRP’s value paints a multifaceted landscape. This juxtaposition can significantly influence the future paths of the company and its native cryptocurrency.
