Ripple is making waves in the cryptocurrency space with its recent legal victories. After securing approval in Singapore, a US judge also denied the SEC’s appeal, boosting XRP price by 4%. These developments have shed light not only on Ripple’s resilience, but also on the impact it has on the crypto market.
At the time of writing, Ripple’s XRP token had gained over 4%. It is currently trading at $0.53, marking a 5.05% increase over the past month and a 6.77% gain over the previous week.
Ripple Labs Inc. has scored a significant win by obtaining full approval to operate as a digital payment token services provider in Singapore. This was achieved just four months after receiving in-principle approval from the regulator, paving the way for Ripple’s local subsidiary, Ripple Markets APAC Pte Ltd, to expand its operations across the Asia Pacific region.
The cryptocurrency community is closely monitoring these developments, which could have far-reaching implications for both Ripple and the broader cryptocurrency market. CEO Brad Garlinghouse expressed his enthusiasm for the move, emphasizing Ripple’s readiness to create crypto solutions that enhance utility in the financial industry.
The ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) took an interesting turn as Judge Analisa Torres denied the SEC’s request for an early appeal. In essence, the judge’s ruling distinguishes between Ripple’s different transactions involving XRP. Institutional Sales were categorized as sales of securities, while Programmatic Sales and Other Distributions were not.
The judge emphasized that Programmatic Buyers did not have the same expectation of Ripple generating profits on their behalf as Institutional Buyers did.
Ripple’s legal wins showcase its resilience and impact on the crypto market. The regulatory clarity provided by MAS has played a pivotal role in Ripple’s success in Singapore, while the denial of the SEC’s appeal is a significant setback. These developments could have far-reaching implications both for Ripple and the broader cryptocurrency market.