Ripple Scores 3 Major Wins That Could Drive XRP Price To $1

Certain events have been touted as being able to impact the XRP price significantly. Some of these events already seem to be happening, raising the hopes of the XRP community that the token could indeed hit $1 before the year runs out. 

In a statement released on October 3, Ripple announced that its subsidiary had secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This announcement comes four months after the company received its in-principle approval from the regulator. 

Following this announcement, Ripple is fully licensed to provide “regulated digital payment token services in Singapore.” Ripple’s CEO Brad Garlinghouse also confirmed this development on his X (formerly Twitter) platform. 

With Singapore already housing Ripple’s Asia Pacific headquarters, this move undoubtedly provides the company with momentum to continue expanding to countries in the region (which the company considers one of its fastest growing regions) for the adoption of its “crypto-enabled payments solutions.”

Ripple is already enjoying significant success in Asia, with banks in countries like Japan, China, South Korea, Philippines, Indonesia, and Vietnam adopting the company’s cross-border payment service. Specifically, Japan is believed to have contributed significantly to the trading volume in the XRP ecosystem, with the token enjoying massive adoption among locals. 

Meanwhile, the crypto firm has more reason to celebrate following another significant victory in its ongoing legal battle against the US Securities and Exchange Commission (SEC). In an order given on October 3, Judge Analisa Torres denied the SEC’s motion for certifications of its interlocutory appeal.

As to the reason for the denial, she noted that the SEC “failed to meet its burden to show that such an appeal would materially advance the ultimate termination of the litigation.” Instead, she reasoned that granting the application could further prolong the action as the interlocutory appeal could open the door to other appeals from a dissatisfied party. 

Instead, she stated that the litigation will likely be “expeditiously advanced” if they advance to trial and then appeals come after. That way, the appellate court can review the case based on a complete record rather than considering disjointed legal and factual issues. In line with this, she set April 23, 2024, as when the trial is set to commence. 

Ripple’s President Monica Lang recently reiterated the company’s intention to continue to expand globally in its bid to disrupt the global financial architecture. The company’s efforts have not gone unnoticed as it recently announced that CB Insights ‘Fintech 100’ for 2023.

This recognition is an annual list compiled by private equity company CB Insights and comprises the “100 most promising private fintech companies in the world.”

The XRP price has reacted positively to these developments as it is currently trading at $0.5317, up about 4% in the last 24 hours, according to data from Coinmarketcap.