Broader crypto markets dropped 0.7% in the past 24 hours, the CoinDesk Market Index (CMI) shows.
XRP bulls had a reason to cheer as the payments firm Ripple was granted a license to offer key services in Singapore and the Securities and Exchange Commission lost a bid to appeal in the Ripple case.
Prices rose 5.3% before retreating in Asian afternoon hours Wednesday, with trading volumes spiking to $1.7 billion from Tuesday’s $900 million, CoinGecko data shows. At the time of writing, XRP was trading at 53 cents.said in a brief ruling Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there are substantial grounds for differences of opinion.
On Wednesday, Ripple’s Singapore arm has secured a license as a major payments institution from the Monetary Authority of Singapore,Ripple was granted preliminary approval in June, but now its Ripple Markets APAC Pte Ltd subsidiary has obtained its formal licensing. This came as predominantly U.S.-focused companies are scoring wins in the Asian region, mainly due to better policies, more attractive tax rates, and a user base that does not shy away from token usage.
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