Ripple Targets UK Expansion After SEC Victory. Will XRP Pump Back to $1 Now?

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Ripple (XRP) price has experienced a four-day downtrend after being rejected from the July 19 high of $0.8231.

However, XRP is still significantly higher than its value two weeks ago, showing a 55% increase, and has risen 46% over the past month and 99.4% year-to-date.

This surge followed a partial victory against the SEC, motivating Ripple Labs to extend its operations to the UK.

Ripple Labs Expansion Plans To The United Kingdom

Ripple, the company behind XRP crypto, aims to expand its services to the UK market and has applied for a license to operate, complying with FCA regulations.

#Ripple applies for a crypto license in the UK 🇬🇧 pic.twitter.com/noVKVb5O9c

— CryptoSavingExpert ® (@CryptoSavingExp) July 23, 2023

The FCA, a strict regulator, proposes banning crypto incentives under new marketing rules, following a favorable development in the SEC lawsuit. Judge Analisa Nadine Torres ruled that XRP is considered a commodity due to sales to retail investors and a security with sales to institutional investors in her July 13 summary judgment.

Citing a paragraph from the summary judgment:

Therefore, having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act.

Judge Torres ruled that the transaction was an investment contract, justifying her decision for institutional sales.

The unexpected ruling caught the crypto community off guard, with no prior notice of the determination date.

As a result, XRP skeptics missed out on potential gains of up to 70% as Ripple’s price surged toward $1.00. Achieving this milestone remains a hopeful prospect for the XRP community, and it could become a reality in the near future.

Ripple Officials On Expansion Plans

Ripple is reportedly pursuing a “payment institution license” in both Ireland and the UK, as per Coingape’s report.

In 2022, Ripple expressed interest in targeting the European audience, and Ripple’s managing director in Europe Sendi Young recently reiterated this intention, :

We are in the process of applying for our crypto asset registration in the UK and our payments license in Ireland. These are all massive investments with a view that we are going to continue growing exponentially in this region.

Ripple’s CEO, Brad Garlinghouse, reaffirmed the company’s commitment to global expansion while assuring that this does not mean abandoning its US clients. He emphasized their dedication to the US as the global hub for their operations.

Dubai’s position in the UAE makes it a strong competitor to the US, attracting 20% of its customers from the MENA region.

As I just shared on stage at #DubaiFintechSummit, @Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive. pic.twitter.com/9lWEtYECq7

— Brad Garlinghouse (@bgarlinghouse) May 8, 2023

Dubai’s clear regulatory structures make it an attractive destination for crypto firms, positioning the region as a leading hub for thriving crypto innovation.

Ripple Price Forecast: Will XRP Hit $1.000 Amid UK Expansion Plans?

At 11am EST, Ripple’s price is $0.6911, witnessing a 6.5% daily decline. The trading volume for the token in the last 24 hours indicates a decrease of 15%, suggesting a less active community.

XRP trading volume — Source: CoinMarketCap

Ripple’s UK expansion plans bring renewed optimism to the XRP community, especially if the FCA grants the required license.

XRP’s price is downward after breaking the crucial support level at $0.697, which had supported the token for nearly two weeks.

The breach of this key level puts XRP holders at risk of losing most of their gains achieved during the July 13 rally.

The current price is only 0.143% above the critical support, making it an indecisive breakdown until confirmed.

Technically, momentum indicators suggest a bearish trend for Ripple price. The Relative Strength Index (RSI) is declining, indicating weakening momentum, and the Awesome Oscillators (AO) histograms show decreasing volume, moving closer to the negative zone. Given these signals, the price of Ripple may continue to decline.

XRP holders’ greed is evident in their quick moves to cash in on profits, as shown by the 15% decline in XRP’s value on July 20 after an attempted upward movement.

XRP faced early profit-taking as it started the week with a red candle, hindering its progress towards the $1.000 mark despite making 5% gains on July 23.

Despite the RSI at 57 and the AO in the positive zone indicating continued bullish activity, the Ripple price could reach $1.000, a potential 45% profit above the current level, if sellers hold back their profit-taking actions.

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