Ripple receives nod to rollout digital asset services in Singapore, bolstering XRP price rally
- Ripple has received approval for the Major Payments Institution license from the Singapore central bank.
- The payment giant is set to scale customer use of crypto-powered payments in Singapore and the Asia-Pacific region.
- XRP price climbed nearly 6%, rallying past the $0.50 level early on Thursday.
XRPLedger’s native token XRP has been in the spotlight since the June 13 release of the Hinman documents in the Securities and Exchange Commission (SEC) vs. Ripple lawsuit. XRP price witnessed a spike in volatility in response to developments in the lawsuit.
As the XRP holder community digested the contents of the documents, the altcoin’s price started its recovery. XRP price rally was recently bolstered by the Monetary Authority of Singapore’s (MAS) approval for rollout of crypto-powered payments and services by Ripple.
Also read: Pro Ripple attorney John Deaton finds legal provision that could have avoided SEC lawsuit
Singapore central bank offers in-principle approval to Ripple for MPI license
MAS, the central bank of Singapore, recently opened its doors to cryptocurrency firms through the release of its whitepaper. Find out more about it here. Ripple announced the receipt of a Major Payments Institution (MPI) license that would allow for a rollout of its crypto payments system in Singapore.
We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL.
— Ripple (@Ripple) June 22, 2023
Learn more: https://t.co/8Ylc3lZSeg
The central bank has offered less than 20 similar approvals in the past. Brad Garlinghouse, CEO of Ripple, said:
Singapore is a leading global financial center and a prominent gateway to business in Asia-Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.
XRP price rallies in response to bullish catalyst
XRP price climbed higher in response to the news, yielding a 6% gain for holders early on Thursday. XRP price climbed from $0.4980 to $0.5276 in that short period. At the time of writing, XRP is trading at $0.5096 on Binance, sustaining above the key $0.50 level. From its June 16 low of $0.4562, XRP posted a 15.7% gain over the past week.
The 10-day Exponential Moving Average (EMA) at $0.4981 is acting as support for XRP price in its uptrend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
