Bitcoin

April

Ripple’s <a href="https://cryptoslate.com/coins/xrp/" rel="noopener noreferrer nofollow">XRP</a> emerged as one of the rare gainers during a subdued 24 hours in the cryptocurrency market that saw Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) and other top digital assets lose their value. 
Data from CryptoSlate reveals that XRP surged by approximately 5%, reaching $0.53018 as of press time. This uptick follows Ripple’s significant victories during the reporting period as it secured licensing in Singapore and Judge Analisa Torres <a href="https://cryptoslate.com/judge-rejects-secs-request-to-appeal-ripple-decision/" rel="noopener noreferrer nofollow">rejected</a> the U.S. Securities and Exchange Commission’s (SEC) plea for an interlocutory appeal. 
<h2 id="ripple-s-singapore-licensing">Ripple’s Singapore licensing</h2> 
Earlier today, Ripple <a href="https://ripple.com/insights/ripple-fully-licensed-to-provide-digital-payment-token-services-in-singapore/?utm_campaign=&amp;utm_medium=organic_social&amp;utm_source=twitter" rel="noopener noreferrer nofollow">said</a> its subsidiary, Ripple Markets APAC Pte Ltd, secured a “full” Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) to provide digital payment token services in the country. The crypto payment country <a href="https://cryptoslate.com/singapore-approves-ripples-major-payment-institution-license-application/" rel="noopener noreferrer nofollow">received</a> an&nbsp;in-principle approval from the regulator in June. 
The MPI license enables businesses to operate free from daily and monthly transaction limits. To qualify, the business must possess a Singaporean-registered company or branch, maintain a permanent business address for record-keeping, have a minimum capital of $250,000, and appoint at least one director with Singaporean citizenship or residency. 
Ripple CEO Brad Garlinghouse described Singapore as a “progressive jurisdiction” that has ” developed into one of the leading fintech and digital asset hubs striking a balance between innovation, consumer protection, and responsible growth.” 
Besides that, Judge Torres’s decision provides a closing chapter to the legal tussle between the company and the SEC for this year, with both parties scheduled for trial by April 23, 2024. 
<h2 id="selling-pressure-on-the-horizon">Selling pressure on the horizon</h2> 
Despite this recent surge, XRP still confronts substantial selling pressure due to Ripple recently releasing one billion tokens from its escrow system. 
<figure id="attachment_362354" aria-describedby="caption-attachment-362354" style="width: 100%" class="wp-caption aligncenter"> 
 <img class="size-full wp-image-362354" src="https://cryptoslate.com/wp-content/uploads/2023/10/Screenshot-2023-10-04-092613.jpg" alt="Ripple XRP" width="748" height="712" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/Screenshot-2023-10-04-092613.jpg 748w, https://cryptoslate.com/wp-content/uploads/2023/10/Screenshot-2023-10-04-092613-300x286.jpg 300w" sizes="(max-width: 748px) 100vw, 748px"> 
 <figcaption id="caption-attachment-362354" class="wp-caption-text">
 Top 10 Assets by Market Cap. (Source: CryptoSlate) 
 </figcaption> 
</figure> 
While the crypto payment firm immediately <a href="https://twitter.com/whale_alert/status/1708545983938699638" rel="noopener noreferrer nofollow">relocked</a> 800 million XRP, the company still holds 200 million tokens that could add more than $100 million in selling pressure to the market, potentially altering the current upward momentum of the asset. 
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/ripples-xrp-price-jumps-5-fuelled-by-singapore-licensing-acquisition-amidst-crypto-market-downturn/">Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn

Table of Contents

CryptoSlate

Other articles published on Oct 4, 2023

September Newsletter

XRP rallies 5% after court rejects SEC’s request to appeal Ripple ruling

Navigating Challenges and Promises of AI in International Development Efforts

AV Stock Price: Investors are Taking exit Because of This Reason

Trader Issues Warning on Altcoin That Surged About 92% in Just Weeks, Says It’s ‘Going To Head Al...

Crypto Market Sees Signs of Resurgence as Bitcoin Breaks $28K Barrier

Join our free newsletter for daily crypto updates!