Ripple Triumphs in Singapore Licensing; XRP Surges as SEC Appeal is Rebuffed
According to the Bitsday Market Index (BMI), the overall cryptocurrency market experienced a 0.7% drop over the last 24 hours.
XRP enthusiasts had reason to celebrate as Ripple, the payments company, secured a license to offer essential services in Singapore, while the Securities and Exchange Commission (SEC) faced a setback in its attempt to appeal the Ripple case.
XRP prices surged by 5.3% initially, before retracing during the Asian afternoon hours on Wednesday. Trading volumes witnessed a sharp increase, rising from $900 million on Tuesday to $1.7 billion. As of the latest update, XRP was valued at 53 cents.
In a concise ruling on Tuesday, District Judge Analisa Torres pointed out that the SEC had not met the legal threshold to demonstrate either controlling questions of law or substantial grounds for differences of opinion.
The broader cryptocurrency markets saw a decline, as profit-taking persisted following a robust performance on Monday. The Bitsday Market Index (BMI), which encompasses a wide array of tokens, registered a 0.7% decrease, signifying losses across the spectrum.
Among exchanges, the Korean platform UpBit, known for hosting substantial speculative XRP trading, led the charts in the past 24 hours, facilitating around $280 million in trades. Binance, a prominent crypto exchange, recorded approximately $271 million in trading volume during the same period.
Notably, XRP accounted for over 12% of total trading activity on both platforms, indicating its significance in the market.
While Ripple has traditionally maintained a certain distance from XRP, the token that fuels some of its products and the XRP Ledger network, developments in Ripple's legal battles or licenses evidently influence XRP prices, with traders drawing connections between the two.
On Wednesday, Ripple's arm in Singapore successfully secured a license as a major payments institution from the Monetary Authority of Singapore. This development enables Ripple to continue offering digital payment token services in the rapidly expanding region.
Although Ripple received preliminary approval back in June, its subsidiary, Ripple Markets APAC Pte Ltd, has now obtained the formal licensing.
This achievement aligns with the trend of U.S.-centric companies securing victories in the Asian market, largely attributed to favorable policies, more appealing tax rates, and a user base that embraces token utilization.
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