Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn
Ripple recorded significant victories during the reporting period as it secured licensing in Singapore and victory over the SEC.
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Updated: Oct. 4, 2023 at 10:03 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple’s XRP emerged as one of the rare gainers during a subdued 24 hours in the cryptocurrency market that saw Bitcoin (BTC) and other top digital assets lose their value.
Data from CryptoSlate reveals that XRP surged by approximately 5%, reaching $0.53018 as of press time. This uptick follows Ripple’s significant victories during the reporting period as it secured licensing in Singapore and Judge Analisa Torres rejected the U.S. Securities and Exchange Commission’s (SEC) plea for an interlocutory appeal.
Ripple’s Singapore licensing
Earlier today, Ripple said its subsidiary, Ripple Markets APAC Pte Ltd, secured a “full” Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) to provide digital payment token services in the country. The crypto payment country received anย in-principle approval from the regulator in June.
The MPI license enables businesses to operate free from daily and monthly transaction limits. To qualify, the business must possess a Singaporean-registered company or branch, maintain a permanent business address for record-keeping, have a minimum capital of $250,000, and appoint at least one director with Singaporean citizenship or residency.
Ripple CEO Brad Garlinghouse described Singapore as a “progressive jurisdiction” that has ” developed into one of the leading fintech and digital asset hubs striking a balance between innovation, consumer protection, and responsible growth.”
Besides that, Judge Torres’s decision provides a closing chapter to the legal tussle between the company and the SEC for this year, with both parties scheduled for trial by April 23, 2024.
Selling pressure on the horizon
Despite this recent surge, XRP still confronts substantial selling pressure due to Ripple recently releasing one billion tokens from its escrow system.
While the crypto payment firm immediately relocked 800 million XRP, the company still holds 200 million tokens that could add more than $100 million in selling pressure to the market, potentially altering the current upward momentum of the asset.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Bitcoin
$97,986.45
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.