XRP experienced a price spike following Ripple’s twin victories: obtaining a key service license in Singapore and thwarting an SEC appeal attempt in the U.S. XRP’s price surged 5.3% and trading volumes nearly doubled to $1.7 billion amidst these developments.
Ripple’s Singaporean subsidiary, Ripple Markets APAC Pte Ltd, secured a license from the Monetary Authority of Singapore, bolstering its capacity to provide digital payment token services in the dynamic Asian market. This formal authorization follows the preliminary approval granted in June, exemplifying Ripple’s continued expansion and regulatory compliance.
Simultaneously, in the United States, District Judge Analisa Torres dismissed the SEC’s motion to appeal in the ongoing Ripple case, citing the regulatory body’s failure to demonstrate substantial legal questions or grounds for divergent opinions. This development marks a significant stride for Ripple in its legal battle with the SEC.
These concurrent victories fueled a surge in XRP’s price, reflecting the token’s intrinsic connection to Ripple’s operational and legal standing. Even as the broader crypto market experienced a 0.7% decline, as per the CoinDesk Market Index, XRP stood out with its upward trajectory catalyzed by positive legal and regulatory outcomes.