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XRP price prediction as Ripple secures crypto license in Singapore

XRP price prediction as Ripple secures crypto license in Singapore

XRP‘s (XRP) price rose higher on October 4 after Ripple’s new legal victory against the SEC. Notably, Federal Judge Analisa Torres handed a major blow to the securities regulator by rejecting their appeal on her recent Ripple Labs ruling.

On the same day, Ripple unveiled another significant development. The company secured a pivotal payments institution license in Singapore, marking its latest step geared toward expansion into the Asia-Pacific (APAC) region. 

Could this dual triumph be the catalyst for a major surge in XRP’s value?

Ripple continues its Asia-Pacific expansion

Less than four months after the Monetary Authority of Singapore (MAS) granted Ripple an initial in-principle permit, the blockchain company now secured a full license to operate in the Asian city-state.

“Over 90% of Ripple’s business is outside of the U.S., and Singapore – and to a larger degree Asia Pacific – is one of its fastest-growing regions.”

– the company said.

The crypto solutions provider said it will continue to focus on the APAC region to drive the adoption of its payment services. In fact, the company’s headcount more than doubled over the past year as its “business within the Asia-Pacific region has really exploded,” Ripple president Monica Long said. 

What does this mean for XRP?

Undoubtedly, Ripple’s continued expansion into Singapore and APAC can only be a positive development for the company, and the XRP token. 

By securing licenses and partnerships in key regions, Ripple can enhance the accessibility and use cases for XRP, attracting a broader user base and investor interest in the crypto asset.

However, the Wednesday court ruling has more potential to fuel an XRP price rise. The reason for this is that the ruling is directly related to the cryptocurrency’s regulatory status. Earlier this year, XRP had skyrocketed when Judge Torres ruled that Ripple’s XRP sales on public exchanges did not violate the securities regulations.

The SEC asked for permission to appeal the decision, but Torres said she found no “substantial ground for difference of opinion” about her findings and denied the appeal. 

XRP price analysis

At press time, XRP was changing hands at $0.53, up more than 3.7% on Wednesday reports.

XRP 1-day price chart. Source: Finbold

The crypto token rose more than 6.3% in the past week and around 4.8% in the month. 

With the latest price rise, XRP is now trading sideways in a tight range defined by two moving averages (MAs). 

The token is positioned above the 200-day simple moving average (SMA) located at $0.52, which now acts as support. On the upside, the token faces the 100-day SMA at $0.56, which serves as an important resistance level. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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