Ripple, the payments firm behind the XRP token, received positive news as it was granted a license to offer key services in Singapore. In addition, the Securities and Exchange Commission (SEC) lost a bid to appeal in the Ripple case. These developments caused a 5.3% increase in XRP prices, although they later retreated during Asian afternoon hours on Wednesday. CoinGecko data shows that trading volumes spiked to $1.7 billion, up from Tuesday’s $900 million. At the time of writing, XRP was trading at 53 cents.
District Judge Analisa Torres ruled on Tuesday that the SEC had failed to meet its burden under the law to demonstrate controlling questions of law or substantial grounds for differences of opinion. This ruling provided a boost for XRP bulls. However, broader crypto markets experienced losses as profit-taking continued following a strong move on Monday. The CoinDesk Market Index (CMI), a comprehensive index of hundreds of tokens, fell 0.7%, indicating across-the-board losses.
Korean exchange UpBit, which is known for its massive speculative XRP trading, led trading volumes in the past 24 hours with $280 million traded on the platform. Binance, a popular crypto exchange, saw $271 million exchanged in the same period. XRP accounted for over 12% of all trading activity on both exchanges, highlighting its significance in the market.
Ripple has historically maintained a distance from XRP, despite the token powering some of its products and the XRP Ledger network. However, any progress in Ripple’s court cases or licenses has a clear impact on XRP prices, as traders perceive the two as interconnected. With this in mind, Ripple’s Singapore arm secured a license as a major payments institution from the Monetary Authority of Singapore. This allows Ripple to continue providing digital payment token services in the fast-growing region. While Ripple received preliminary approval in June, its subsidiary, Ripple Markets APAC Pte Ltd, has now obtained formal licensing.
It is worth noting that U.S.-focused companies are achieving success in the Asian region due to favorable policies, attractive tax rates, and a user base that embraces token usage. This trend has contributed to Ripple’s licensing victory in Singapore. Overall, the developments surrounding Ripple and XRP demonstrate their growing influence and potential in the crypto market.