Ripple’s recent announcement of expanding its US presence through strategic licensing has significantly boosted the trajectory of its XRP cryptocurrency as a progressive crypto administration takes office. Specifically, Ripple has secured Money Transmitter Licenses in New York and Texas, fueling speculation within the community about whether XRP can muster enough momentum to rocket toward the eagerly-anticipated $5 mark . Ripple Obtains Remittance Licenses In Two Key States According to a Monday press release , Ripple announced that it had received Money Transmitter Licenses (MTLs) in New York and Texas, bolstering its position in two key US financial hubs. Money Transmitter Licenses allow Ripple Payments customers to have access to a licensed version of its cross-border payments solution in the United States, where Ripple controls the transactions end-to-end on behalf of customers. Ripple revealed that it has seen high demand in both New York and Texas for efficient global payments from both legacy financial institutions and crypto companies. “We’re continuing to see more interest from financial institutions to crypto businesses that want to unlock the benefits of crypto and blockchain for faster, cost-efficient, and 24/7 cross-border payments,” posited Joanie Xie, Managing Director of North America at Ripple. “With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies who are ready to take advantage of the current landscape.” The new MTLs take Ripple’s total US licenses to more than 50 and its regulatory approvals around the globe to over 60. Ripple previously obtained a Major Payment Institution License to operate in Singapore, another notable crypto-hub. As Ripple aims to tap into the vast American market, leveraging its blockchain technology for cross-border payments and banking solutions, crypto watchers observe with keen interest to see if this strategic move will propel XRP to new heights, solidifying its position as a major player in the digital asset arena. Ripple Unfazed By U.S. SEC Appeal Ripple has been fighting for regulatory clarity for several years amid its long-standing legal battle with the U.S. Securities and Exchange Commission (SEC). Earlier this month, the SEC appealed the historic July 2023 ruling by District Judge Analisa Torres that declared XRP sales to retail investors did not qualify as unregistered securities under federal law. Citing the Howey Test, the regulator claims that Ripple’s promotional efforts created an expectation of profits among investors, making XRP an investment contract. Despite the SEC’s appeal, Ripple has also significantly expanded hiring in the U.S. in recent months, as ZyCrypto reported . With the new SEC administration under President Donald Trump, the San Francisco-based firm has high hopes that the appeal will be dropped . XRP was trading hands at $3.02 at publication time. If the bullish momentum continues, the third-largest crypto might target $5.
