Dogecoin Eyes Rebound and Ripple Pursues US Banking License

By: Eva Baxter

In recent developments, notable shifts are occurring in the cryptocurrency landscape, with Dogecoin drawing significant interest from traders and Ripple making substantial moves towards becoming a regulated entity in the financial sector.

Ripple CEO Brad Garlinghouse recently announced the company's intentions to apply for a banking license in the United States. This move, outlined via Garlinghouse's official communication platform, aligns with Ripple's ongoing commitment to regulatory compliance. If granted by the US Office of the Comptroller of the Currency (OCC), this license will firmly place Ripple under federal and state oversight. The potential licensing is poised to boost trust in the Ripple USD stablecoin among stakeholders and potentially set a new standard within the stablecoin market.

On the other hand, Dogecoin captures the crypto spotlight with its recent price momentum. The popular meme-coin rebounded from the $0.13 - $0.15 demand zone, sparking considerable attention among traders. A significant increase in derivatives data, notably a 16% rise in Open Interest totaling over $2 billion, with a 400% explosion in options volume, suggests an optimistic outlook among market participants. This optimism centers on overcoming the $0.20 resistance level, a move that could potentially push Dogecoin’s price towards $0.27, assuming adequate trading volume supports the breakout.

Despite the positive sentiment, on-chain metrics indicate mixed signals for Dogecoin. Recent data shows a decrease in network activity, with daily active addresses and transaction counts sharply declining after a period of heightened movement. Meanwhile, the MVRV Z-score, reflecting potential holder profitability, has climbed, suggesting a decreasing number of underwater holders. Large spot inflows indicate whale interest, yet sustained momentum may face hurdles if increased network use does not materialize.

These developments highlight the evolving dynamics within the crypto ecosystem. Ripple's regulatory advances could redefine its market positioning, while Dogecoin's trader enthusiasm highlights the continuing allure of meme-coins in a volatile financial landscape. Both cases underscore a broader trend of strategic institutional alignment and active market engagement in the world of cryptocurrency.