Certain events have been recommended because they can influence the XRP price considerable. Some of these events appear to be already happening, raising hopes among the XRP community that the token could indeed reach $1. before the year is out.
Ripple is expanding to Singapore
In a rack released on October 3, Ripple announced that its subsidiary had obtained a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This announcement comes four months after the company received its in-principle approval from the regulator.
Following this announcement, Ripple is fully licensed to provide “regulated digital payment token services in Singapore”. Ripple CEO Brad Garlinghouse Also confirmed this development on its X (formerly Twitter) platform.
With Singapore already hosting Ripple’s headquarters in the Asia Pacific region, this move undoubtedly gives the company momentum to continue expanding into countries in the region (which the company considers one of the fastest growing regions) for the adoption of its ‘crypto-enabled payment solutions’.
Ripple is already enjoying great success in Asia, with banks in countries such as Japan, China, South Korea, the Philippines, Indonesia and Vietnam adopting the company’s cross-border payment service. Specifically, Japan is believed to have significantly contributed to the trading volume in the XRP ecosystem with the token enjoying mass adoption among locals.
Ripple gets another win against the SEC
Meanwhile, the crypto company has more reason to celebrate after another important victory in his country ongoing legal battle against the US Securities and Exchange Commission (SEC). In a order given on October 3 Judge Analisa Torres denied the SEC’s motion for certification thereof interim appeal.
As for the reason for the denial, she noted that the SEC “failed to discharge its burden of demonstrating that such an appeal would materially further the ultimate disposition of the lawsuit.” Instead, she reasoned that granting the request could further prolong the proceedings because the summary judgment could open the door to other appeals from a dissatisfied party.
Instead, she stated that the lawsuit will likely “proceed quickly” if they go to trial and then an appeal is filed. That way, the appeals court can review the case based on a complete record rather than considering disjointed legal and factual issues. In line with this, she set April 23, 2024 as the date on which the trial would begin.
XRP Price Looks Good as Ripple Enters the Top 100 Fintech of 2023
Ripple President Monica Lang recently repeated the company’s intention to continue expanding globally in its bid to disrupt the global financial architecture. The company’s efforts have not gone unnoticed, as they have lately announced that CB Insights ‘Fintech 100’ for 2023.
This recognition is one annual list compiled from private equity firm CB Insights and includes the “100 Most Promising Private FinTech Companies in the World.”
The XRP price has responded positively to these developments as it is currently trading at $0.5317, up around 4% in the last 24 hours, according to facts from Coinmarketcap.
XRP recovers following court ruling | Source: XRPUSD on Tradingview.com
Featured image from Outlook India chart from Tradingview.com