A 4% XRP surge after SEC appeal rejection and Ripple’s Singapore subsidiary obtains a key payments license.
XRP, Ripple’s native token, is riding a wave of optimism, registering a notable 4% surge in its value over the last 24 hours. With a current trading price of $0.528, it has slightly retraced from its recent peak of $0.545, as indicated by CoinGecko data. Despite this slight dip, XRP stands tall as the best-performing cryptocurrency among the top 50, outpacing heavyweights like Bitcoin and Ethereum.
Bitcoin and Ethereum have seen declines of 0.5% and 1.3% in their daily metrics. But the overall weekly performance paints a brighter picture for XRP, which has witnessed a 6.2% surge. What’s causing this positive momentum for Ripple’s token? Two primary factors come into play.
First, the U.S. Securities and Exchange Commission’s (SEC) attempt to overturn a previous ruling about Ripple Labs faced rejection. Back on July 13, U.S. District Judge Analisa Torres from Manhattan had ruled. She found that the public exchange sales of XRP tokens did not fall under the category of an illegally unregistered securities offering. The judge determined that potential buyers had no reason to expect profits solely from Ripple’s actions.
Secondly, in a further boost to Ripple’s prospects, its Singapore-based arm announced a significant achievement. Ripple Markets APAC has secured a full payments license, sanctioned by Singapore’s Monetary Authority (MAS). This new license empowers the subsidiary to offer regulated digital payment token services seamlessly within Singapore. Ripple’s focus on the Asia Pacific region remains unwavering, as the company aims to enhance the adoption of its crypto-backed payment solutions in the area.
While XRP enjoys its spot in the limelight, other cryptocurrencies also show interesting trends. Avalanche (AVAX) has marked a 3.3% rise, with Polygon (MATIC) and TRON (TRX) trailing with 1.7% and 1.3% gains. On the flip side, Solana (SOL) and Cardano (ADA) have seen dips of 3% and 2.9%, respectively.