The price of XRP increased when Judge Torres of the United States District Court for the Southern District of New York refused the Securities and Exchange Commission's (SEC) interlocutory appeal motion against Ripple.
Cryptocurrency giant Ripple has achieved a significant milestone by securing a major payments institution license in Singapore. This achievement comes as part of Ripple's strategic move to bolster its presence in the Asia-Pacific region.
The announcement follows less than four months after the Monetary Authority of Singapore granted initial in-principle approval in June.
Monica Long, President of Ripple, emphasized the region's importance, stating that "Over 90% of Ripple’s business is outside of the U.S., and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing regions."
This development signals Ripple's commitment to offering regulated crypto payment services in Singapore, where they will continue to prioritize adoption.
Singapore has been at the forefront of crypto regulation in the region. Its Payment Services Act, effective since January 2020, oversees payment services and the provision of crypto services to the public.
Additionally, the city-state has heightened scrutiny on crypto firms, mandating them to secure customer assets under a statutory trust by the end of 2023.
Brad Garlinghouse, CEO of Ripple, expressed confidence in Singapore as Ripple's Asia Pacific headquarters, highlighting the country's progressive approach to fintech and digital assets.
He stated, "Under MAS’ leadership, Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth."
This positive development in Singapore stands in stark contrast to Ripple's legal battles in the U.S. with the Securities and Exchange Commission (SEC). The SEC had charged Ripple and its founders in 2020, alleging the illegal sale of its native cryptocurrency XRP. However, a landmark ruling in July determined that XRP was not inherently a security, marking a significant legal victory for Ripple.
As per CoinStats, XRP (XRP) is currently trading at $0.529571 with a 24-hour trading volume of $1,780,219,738.72. This is a 4.12% increase in the previous 24 hours and a 6.48% increase in the last 7 days. With a circulating circulation of 53 billion XRP, XRP has a market capitalization of $28,177,832,221.
At the time of writing, the Ripple (XRP) price had reached an intraday high of just under $0.55 and was trading back above the 200 daily EMA.
When Judge Torres first decided that XRP is not a security on July 13th, the XRP price jumped to $0.96 - a revisit of that high would be an almost 80% rise for XRP from its current price.
Ripple's experience with U.S. regulators parallels that of Coinbase, both expressing frustration over the lack of clarity surrounding crypto regulations. Both companies have even considered relocating operations outside of the U.S. in response to the SEC's crackdown.
In Conclusion, Ripple's successful acquisition of a payments institution license in Singapore exemplifies the company's determination to expand its global footprint, particularly in the rapidly growing Asia-Pacific region. This achievement, mixed with ongoing legal battles in the U.S., underscores the complex regulatory landscape that cryptocurrency companies navigate in different parts of the world.