XRP was trading at around $1.09 on July 14, just under the $1.10 mark it had surpassed earlier this month. This comes as Ripple announced it received full authorization for its Crypto-Asset Service Provider license from the Luxembourg financial regulator.
This license allows Ripple to offer regulated crypto payment services throughout all 30 EU nations, in line with the bloc’s Markets in Crypto-Assets regulations. Interestingly, spot XRP ETFs have seen an impressive $1.48 billion in cumulative net inflows since their launch in November, despite XRP’s price performance lagging behind that demand.
Ripple's full license approval follows an initial green light from the Luxembourg regulator on June 23. After confirming the full license on July 6, Ripple joins around 210 firms that complied with the EU’s MiCA deadline out of more than 1,200 that previously operated in the region. Cassie Craddock, Ripple’s managing director for the UK and Europe, emphasized that the license positions the company for significant scaling.
June proved to be a lucrative month for spot XRP ETFs, pulling in over $62 million, part of the $1.48 billion already accumulated, as reported by CoinDesk.
Despite these regulatory advancements, XRP’s price fluctuations remain a concern for investors. The token experienced a brief surge past the $1.10 resistance on July 10 but retraced back to around $1.09 shortly after. Traders are keenly observing whether XRP can recapture the lost support level, as a fall below $1.0880 could trigger a drop back to the $1.04 low.
This material is for informational purposes only and does not constitute financial advice.
