Ripple has applied for a national banking license from the Office of the Comptroller of the Currency to expand its crypto services under federal regulation, following a similar move by stablecoin issuer Circle. The news led to a 3% increase in the value of XRP, and Ripple is also seeking a master account at the Federal Reserve to enhance the security of its stablecoin reserves.

Ripple co-founder Chris Larsen has transferred approximately 50 million XRP, worth about $161 million, to exchange-linked addresses over the past week. Despite these movements, Larsen still controls around 2.81 billion XRP, valued at nearly $9 billion. Recent onchain activity has drawn attention due to the significant concentration of supply among early Ripple insiders.