Ripple targets Fed, XRP recovery boosts market after slump

• Ripple Seeks National Banking License in the US
• XRP Price Finds Support at $2,22
• XRP Trading Volume Drops 27%

XRP is trading at $2,23 without gains today, reflecting a correction after recent gains. Daily volume fell 27% to $3,15 billion, indicating reduced interest in trading in the short term. Open interest on futures contracts also fell about 4%, signaling a slight cooling in market sentiment.

Despite the pullback, XRP’s weekly performance remains positive, with an appreciation of over 6,5%. The cryptocurrency has fluctuated between $2,21 and $2,31 over the past 24 hours, indicating a range of strong volatility.

According to analyst Dark Defender, XRP is repeating patterns from February 2023. He pointed to the $2,22 and $2,07 levels as important supports for Ripple's cryptocurrency. For the price to reach $3, it would need to break resistances at $2,33 and $2,46.

Meanwhile, Ripple CEO Brad Garlinghouse has rekindled investor optimism by announcing a new strategic move. The company has filed for a national banking charter with the OCC — a move that will allow state and federal oversight of its financial operations.

The move is seen as essential to ensuring that Ripple can hold reserves of the $RLUSD token directly with the Federal Reserve, increasing the security of its operations. Garlinghouse also mentioned the application for a Fed Master Account through Standard Custody, reinforcing the company’s commitment to a solid infrastructure.

The initiative comes amid ongoing discussions in the US Congress on regulatory frameworks for the sector. Ripple’s stance on prioritizing compliance is seen as strategic for increasing institutional investor confidence and could have a positive impact on the stablecoin market, currently valued at US$250 billion.