Ripple’s Expansion to Singapore Boosts XRP Hopes
In a series of significant developments, Ripple has scored three major wins that could pave the way for XRP’s ascent to the coveted $1 mark. These developments are currently fueling optimism within the XRP community about the token’s potential before the year’s end.
Ripple’s Singaporean Triumph
On October 3, Ripple made a resounding announcement – its subsidiary secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This milestone comes four months after Ripple received its initial approval from the regulatory body.
With this license, Ripple is now fully authorized to offer “regulated digital payment token services in Singapore.” The CEO of Ripple, Brad Garlinghouse, corroborated this achievement on his X platform, formerly known as Twitter.
This move is strategically significant, considering that Ripple’s Asia Pacific headquarters are already based in Singapore. It provides Ripple with a strong foothold to expand further into the Asia-Pacific region, a market the company views as one of its fastest-growing. Ripple aims to promote the adoption of its “crypto-enabled payment solutions” in these countries.
Ripple is already enjoying remarkable success in Asia, with numerous banks in countries like Japan, China, South Korea, Philippines, Indonesia, and Vietnam embracing the company’s cross-border payment services. Japan, in particular, has played a pivotal role in driving trading volume within the XRP ecosystem, with the token gaining substantial traction among locals.
Legal Victory Against the SEC
In another momentous turn of events, Ripple has achieved a significant legal victory in its ongoing battle with the US Securities and Exchange Commission (SEC). On October 3, Judge Analisa Torres dismissed the SEC’s motion for certification of its interlocutory appeal.
Judge Torres based her decision on the SEC’s failure to demonstrate that such an appeal would significantly expedite the overall resolution of the litigation. Instead, she expressed concerns that granting the application could potentially prolong the legal proceedings, as it might open the door to further appeals from dissatisfied parties.
She opted for a different approach, suggesting that the litigation would progress more efficiently if it advanced to trial first, followed by appeals. This way, the appellate court could review the case based on a comprehensive record, rather than addressing fragmented legal and factual issues. Accordingly, she set April 23, 2024, as the commencement date for the trial.
Ripple’s Recognition in the Fintech World
Ripple’s global expansion efforts have not gone unnoticed. The company’s President, Monica Lang, recently reaffirmed its commitment to disrupting the global financial landscape. Ripple’s endeavors have earned it a spot on the prestigious “CB Insights Fintech 100” list for 2023.
Compiled annually by private equity firm CB Insights, this list comprises the “100 most promising private fintech companies in the world.” Ripple’s inclusion in this esteemed list underscores its growing influence in the financial technology sector.
These triumphant developments have had a positive impact on XRP’s market performance. Currently trading at $0.5317, XRP has surged approximately 4% in the last 24 hours, according to data from Coinmarketcap.