XRP Rallies Amid Singapore License Approval, SEC Appeals Rejection

XRP, the native token of the Ripple protocol, is up nearly 4% over the past 24 hours, trading at $0.528 at the time of writing.

This is despite XRP slightly backtracking from a recent high of $0.545 set last night, data from CoinGecko shows.

This makes the crypto industry’s fifth-largest asset by market cap the best-performing asset among the top 50 cryptocurrencies, with the likes of Bitcoin (BTC) and Ethereum (ETH) posting daily losses of 0.5% and 1.3%, respectively.

XRP is also up 6.2% over the week, with the latest uptick in price spurred by the news of a federal judge declining the U.S. Securities and Exchange Commission’s (SEC) bid to appeal her prior decision regarding Ripple Labs.

In her ruling on July 13, U.S. District Judge Analisa Torres in Manhattan concluded that the sale of the XRP digital token on public exchanges did not constitute an illegally unregistered securities offering as buyers did not have a reasonable expectation of profit based on Ripple’s actions, according to the judge’s decision.

Adding to the positive momentum, Ripple announced on Wednesday that its Singapore subsidiary has secured a full payments license to operate in the city-state.

The license, granted by the Monetary Authority of Singapore (MAS), will allow Ripple Markets APAC to continue providing regulated digital payment token services in Singapore.

The company added that it will continue to prioritize the Asia Pacific region for the adoption of its crypto-enabled payment solutions.

Elsewhere in the market, Avalanche (AVAX) is up 3.3% on the day, followed by Polygon (MATIC) and TRON (TRX)—up 1.7% and 1.3%, respectively.

Solana (SOL) and Cardano (ADA), however, are down 3% and 2.9% over the span, respectively.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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