- Ripple has received a full license from the Monetary Authority of Singapore to operate as a major payment institution within the country.
- This is a significant achievement for Ripple, given Singapore’s strict crypto regulations.
- XRP CEO Brad Garlinghouse has praised Singapore’s approach to crypto regulation, saying that the country has been an important cornerstone of Ripple’s progress.
- XRP has rallied massively over the last 24 hours and is up by 5%.
- XRP has entered a rebound from its slump to the $0.42 – $0.48 zone and is now seriously considering a break above its 50 and 20-day moving averages.
Ripple continues to find new ways to keep itself in the news with new partnerships, meetings and developments.
This time around, the XRP issuers are in the news for something huge.
Ripple’s Singapore branch has now been granted the license to continue offering services for digital payment tokens in the country.
This means that Ripple (and XRP by extension), now have a stronger foothold in the country.
If you didn’t know, Singapore is ranked the 53rd known country with the highest number of crypto users by Statista.com.
Let’s see what this new development means for XRP, and what it means for you as an XRP investor or enthusiast.
Ripple’s New Full License
According to a recent announcement post from Ripple Co-Founder Brad Garlinghouse, the Central Bank of Singapore has just granted Ripple a complete license to conduct business as a major payment institution within the country.
After an “in-principle” license was awarded in June, the company has now received a full license, and will now be able to operate in the country, undisturbed.
According to this statement filed on 4 October, XRP announced that Ripple Markets APAC has now been awarded the complete license by the Monetary Authority of Singapore (MAS).
Singapore, and to a greater extent Asia Pacific, is one of Ripple’s fastest-growing regions, the company says in its statement.
And despite the ongoing legal battle with the United States SEC, over 90% of Ripple’s transactions are conducted outside of the US.
According to XRP, Singapore will continue to receive priority for the adoption of its cryptocurrency payment services.
Ripple Achieves Milestone Despite Singaporean Crypto Regulation
Singapore has been at the forefront of crypto regulation in Asia and has been keeping its Payment Services Act (PSA) active since January 2020.
If you didn’t know, the PSA was put in place to regulate payment services, and how crypto is made available to the public.
The city-state has upgraded its regulations on crypto firms in recent months and has ordered crypto service providers to ensure that customer assets are safe and insured before the end of 2023. This means that these companies are not allowed to lend out or stake their customers’ assets.
All of this makes Ripple’s achievement all the more significant.
XRP CEO Brad Garlinghouse has even praised Singapore’s approach to crypto regulation, saying that the country has been an important cornerstone of Ripple’s progress since it established its Asia Pacific headquarters there in 2017.
What Does This Mean For You As An Investor/Enthusiast?
Ripple has been at the forefront of several developments and has managed to both battle the SEC and stay relevant DESPITE an ongoing bear market.
It is safe to predict that if Ripple beats the SEC in court over the issue of whether XRP is a security or not, XRP will become one of the major market leaders of the next bull run.
Keep in mind that Ripple also beat the SEC again on Tuesday this week, after a federal judge rejected the SEC’s attempt to appeal Ripple’s partial victory earlier this year.
Ripple (and XRP) having a stronger foothold in Singapore (one of the foremost countries in terms of crypto adoption) now gives the company more leverage to both put pressure on the US Securities and Exchange Commission, and to perform well before, during and after the next bull market.
According to CoinMarketCap, XRP has rallied massively over the last 24 hours and is up by 5%.
Over the last 7 days, the cryptocurrency has also registered gains of about 6.4%.
XRP In The Charts
How about a more concise analysis of XRP’s behaviour in the charts?
XRP has entered a rebound from its slump to the $0.42 – $0.48 zone and is now seriously considering a break above its 50 and 20-day moving averages.
The cryptocurrency is also facing resistance at the semi-strong price level around $0.53 (XRP is currently trading at $0.5363).
If a break above this zone happens to the upside, nothing stops the cryptocurrency from rallying again to the 13 July high of $0.946 after its initial partial victory against the SEC.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.