XRP News: Ripple Expands into Ireland with an Eye on Europe

Key Insights:

• XRP gained 1.90% on Wednesday, ending the session at $0.6165.
• Ripple received the Central Bank of Ireland’s approval to offer digital asset services in Ireland.
• On Thursday, SEC v Ripple case-related news, SEC activity, and regulatory scrutiny remain the focal points.

The Wednesday Overview

On Wednesday, XRP gained 1.90%, after a 1.13% loss on Tuesday. XRP ended the day at $0.6165. Significantly, XRP avoided sub-$0.60 price levels for the first time in three sessions.

Ripple Gets Central Bank of Ireland Approval for Digital Asset Services

On Tuesday, Ripple announced the Central Bank of Ireland approved Ripple Markets Ireland Limited as a registered Virtual Asset Service Provider (VASPs). On joining the VASPs list, Ripple Markets can provide digital asset services in Ireland.

The July 2023 Programmatic Sales of XRP ruling has proven significant for Ripple and its expansion goals. In October, Ripple Markets APAC obtained a Major Payments Institution license from the Monetary Authority of Singapore. In November, the Dubai Financial Services Authority (DFSA) included XRP for use within the Dubai International Financial Centre (DIFC).

Before the Programmatic Sales ruling, global central banks and regulatory agencies hesitated to deal with Ripple.

Ripple Chief Legal Officer Stuart Alderoty lauded the approval, saying,

“Capping off incredible momentum in 2023 with the Central Bank of Ireland approving Ripple as a registered VASP to offer compliant crypto services. This year, we also received our full Major Payments Institution license from the MAS, and the Dubai Financial Services Authority approved XRP for use by licensed institutions with the DIFC.”

The Ripple Chief Legal Officer recognized the significance of the Programmatic Sales ruling, adding,

“Biggest crypto story of 2023: Gary Gensler suffered his ‘worst loss’ when Judge Torres ruled that XRP is not a security.”

Ripple CEO Brad Garlinghouse responded to the Central Bank of Ireland news, saying,

“Ripple is heading into 2024 with a compliance-first mindset (as we’ve always done).”

However, there were no SEC v Ripple case-related updates to influence investor sentiment. The SEC and Ripple are progressing through remedies-related discovery regarding the sale of XRP to institutional investors.

However, crypto-spot ETF-related news contributed to the positive Thursday session. Progress toward a BTC-spot ETF market drove buyer demand for BTC and the broader market.

XRP Price Action

Daily Chart

XRP remained below the 50-day EMA while sitting above the 200-day EMA, affirming bearish near-term but bullish longer-term price signals.

An XRP move through the 50-day EMA would give the bulls a run at the $0.6354 resistance level.

SEC v Crypto news, SEC activity, and US lawmakers are focal points for the Thursday session.

However, a break below the $0.5835 support level would support a fall to the 200-day EMA.

The 14-day RSI reading, 46.32, indicates a drop to the $0.5835 support level before entering oversold territory.

4-Hourly Chart

On the 4-hourly, XRP remained below the 50-day and 200-day EMAs, affirming bearish near-term price signals.

An XRP move through the EMAs would bring the $0.6354 resistance level into play.

However, an XRP drop below the $0.60 handle would give the bears a run at the $0.5835 support level.

The 4-hourly RSI, with a reading of 49.29, indicates an XRP drop to the $0.5835 support level before entering oversold territory.