Ripple secured a key Electronic Money Institution license in the United Kingdom, making it part of the monetary system. In addition, the fintech firm also received crypto-asset registration from the Financial Conduct Authority and is penetrating the global system. XRP remains in the spotlight on the heels of the addition, making it a must-watch cryptocurrency.
Can Ripple’s XRP Double in Price After the UK License?
Chances of the Ripple’s native token XRP doubling in price after bagging the UK license remain slim. A rebound from here could take time as the markers are digesting the Israel-Iran-US fallout. The troubling collateral damage in the UAE, Kuwait, and Bahrain has disrupted trade with several economies now being involved in the conflict. Ripple has several partnerships with these countries and its regional headquarters in Dubai.
Big money is now moving out of the market, giving little to no chance for Ripple’s XRP to rise. Institutional funds are removing their investments for safer havens than staying invested in the markets. The downturn is already seen in the Asian stock markets as they opened blood red on Monday. Japan’s Nikkei fell the most with 2,700 points, and India’s Sensex plunged 2,200 points. In addition, Hong Kong’s Hang Seng plummeted 500 points, while Singapore’s STI fell 100 points.
Also Read: XRP Is A Sleeping Giant, And You’re Still Early: Here’s Why
Despite securing the important UK license, Ripple’s XRP barely moved up in the indices. It remained trading in the red during the Weekend with only a slight uptick of 0.2%. These key partnerships and collaborations are no longer pushing prices up in the indices. The market is fixed in protecting its investments from an unprecedented crash.
Since big money remains cautious, a price uptick in the coming days is slim. Therefore, Ripple’s XRP doubling in price and going above the $2.5 mark is doubtful. Trump revealed previously that the conflict could last anywhere between four and six weeks. The market is expected to see extreme volatility this month and in April.
