Ripple’s Bank Charter Could Push XRP to $10—Here’s What You Need to Know

Ripple Labs has submitted an application for a national trust bank charter with the U.S. National Trust Bank, a significant development in its expansion into the financial sector. This application, filed with the Office of the Comptroller of the Currency (OCC), has the potential to profoundly impact both Ripple and its native cryptocurrency, XRP.

If approved, Ripple National Trust Bank would be authorized to offer a spectrum of banking services, including trust and fiduciary services. This could pave the way for deeper integration of XRP into traditional financial systems. As noted by Steph Is Crypto on X, the application is now public, and the review phase has commenced, sparking optimism that XRP could reach $10 upon charter approval.

How Ripple’s Bank Charter Could Boost XRP's Value

Ripple aims to operate as a de novo national trust bank, which would grant it the ability to provide services such as Fedwire and FedNow. This would facilitate greater integration of XRP into established banking operations. The proposed bank’s address is 111-119 W. 19th Street, Floor 6, New York, NY. Paul Hastings LLP, with Dana Syracuse and Josh Boehm leading the legal team, is representing Ripple in this application.

The review process is anticipated to take between 30 and 90 days, during which stakeholders will have the opportunity to submit feedback. Ripple's recent partial legal victory against the SEC has already helped to alleviate some regulatory uncertainty, potentially improving the likelihood of approval for its banking charter.

Should Ripple's charter application receive approval, it could lead to a substantial increase in XRP's market value. Analysts have projected that XRP's price could ascend to the $7-$10 range. More optimistic forecasts suggest a potential rise to $30-$50, especially if Ripple secures access to a Federal Reserve master account. Steph Is Crypto also indicated that XRP could reach $10 rapidly if the charter is approved.

Presently, XRP is trading at $3.07, with a market capitalization of approximately $170 billion, based on a circulating supply of 56 billion tokens. A price of $10 per token would elevate its market cap to $560 billion, positioning XRP as a significant entity within the global financial landscape.

Furthermore, Ripple's ongoing collaborations with financial institutions such as DBS and Franklin Templeton are expected to contribute to an increased demand for XRP.

Delay in XRP ETF Approval

While Ripple progresses with its bank charter application, the approval of an XRP exchange-traded fund (ETF) has encountered a delay attributed to the U.S. government shutdown. According to Vincent Van Code, the SEC's review of ETF applications, including those for XRP, has been suspended.

With only essential government personnel continuing their work, the processing of ETF approvals remains on hold until federal funding is reinstated.