- Ripple Labs will soon get the Australian Financial Services License.
- It will do that by buying BC Payments, a regulated financial services company.
- Chart analysis shows that the XRP price is bottoming.
Ripple Labs, the giant crypto company, is pursuing an Australian Financial Services License (AFSL) to become a major player in the Asia-Pacific region.
Ripple to Acquire Australian License
In a statement, the company said that the license will enable it to deliver more services to companies in Australia and other countries. Precisely, it will enable it to ink partnerships with other companies, such as banks and remittance providers, in the country. According to the statement,
“By leveraging blockchain technology and digital assets, we enable customers to move value globally with greater speed, transparency, and reliability.”
Instead of applying for the license directly to the Australian Securities and Investment Commission (ASIC), a process that takes months or years, the company will acquire the license by buying BC Payments.
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Ripple Labs has acquired over 75 licenses globally. Most recently, it received licenses in the United Kingdom and Luxembourg, allowing it to operate in the European Union. It also recently received a banking charter in the United States.
The company is now positioning itself as a top player in key areas like payments, custody, liquidity, and treasury management.
It developed these capabilities last year after acquiring Hidden Road, a company later rebranded as Ripple Prime. It also bought GTreasury, a company that enables firms to manage their treasuries.
Most notably, the company launched Ripple USD (RLUSD), a stablecoin that has accumulated over $1.6 billion in assets and handles over $3.1 billion in monthly volume. It has also worked to boost the capacity of the XRP Ledger network.
XRP Price is Showing Bottoming Signs
The new license comes as technicals suggest the XRP price is showing signs of bottoming. The daily timeframe chart shows that the coin has stabilized in the last 30 days. It has remained slightly above the crucial support level at $1.3363, where it has formed a double-bottom-like chart pattern.
It has also formed a bullish divergence pattern, as the Relative Strength Index (RSI) and the MACD indicators have moved higher over the past few months. The RSI is hovering near the crucial 50 level.
Therefore, the coin will likely bounce back, possibly to the double-bottom’s neckline at $1.6700. A move above that price will point to more gains, possibly to the psychological point at $2.
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