It is another step towards Pendleton's aim of racing in the Foxhunter Chase at the Cheltenham Festival.
Pendleton, made her debut on a racecourse in a charity event at Newbury last month.
The 34-year-old only started training as a jockey earlier this year.
"There's still a long way to go to achieve the ambitious goal of riding in the Foxhunter Chase," said Britain's most successful female Olympian.
"I'm more than happy with my progress so far."
Pendleton won sprint gold at the Beijing Olympics in 2008 and then won the keirin title in London four years later.
Two-time Olympic track cycling champion Victoria Pendleton will race at Ripon on Monday after being granted an amateur riders' licence by the British Horseracing Authority.