XRP price increased by 3% in 24 hours following Ripple’s regulatory license approval in Luxembourg. Ripple now holds a preliminary EMI license from CSSF, a regulatory body in Luxembourg. This move is crucial for scaling Ripple Payments in the EU and providing digital asset infrastructure to institutions.

Ripple also recently secured licenses from the UK’s FCA and has a global presence with more than 75 regulatory licenses. Ripple President Monica Long emphasized the importance of these licenses in unlocking dormant capital and moving legacy finance into a digital future. The CSSF’s approach positions Luxembourg as a hub for financial innovation.

XRP surged to $2.12 as Ripple obtained the preliminary license in Luxembourg. This increase is part of a broader crypto market surge due to factors like improved liquidity conditions from lower inflation and the Department of Justice’s grand jury subpoenas to the Federal Reserve. The Fed’s independence concerns weakened the US dollar, benefitting crypto assets.

The total crypto market cap reached $3.32 trillion with Bitcoin trading at $95,049.33 and Ethereum at $3,300.63. The XRP price rise, fueled by the regulatory approval, is part of a larger crypto market uptrend influenced by economic factors and regulatory developments.

Read more at Yahoo Finance: XRP surges as Ripple lands major license