An exact solution of the model of fully packed loops of two colors on a square lattice has recently been proposed by Dei Cont and Nienhuis using the coordinate Bethe Ansatz approach. We point out here a simpler alternative, in which the transfer matrix is directly identified as a product of R-matrices; this allows to apply the (nested) algebraic Bethe Ansatz, which leads to the same Bethe equations. We comment on some of the applications of this result.