A look at XRP as Ripple gets regulatory node in Singapore
- Ripple received regulatory approval from the Monetary Authority of Singapore.
- Sentiments around Ripple began to decline; however, price movements remained positive.
Ripple [XRP] has been the subject of SEC’s scrutiny for quite some time. As the date of the ruling for the SEC lawsuit inches closer, many in the crypto space have started speculating about how things will play out.
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Ripple makes a wave in Singapore
Despite facing regulatory scrutiny from the SEC, Ripple continued its expansion into new territories, undeterred by the impending ruling. Ripple received regulatory approval from the Monetary Authority of Singapore (MAS) on 22 June, marking its expansion into the Southeast Asian nation.
This approval allows Ripple to offer regulated digital payment token products and services within Singapore, a significant milestone considering that MAS has only granted a limited number of approvals and licenses to cryptocurrency companies.
We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services, and scale customer use of #ODL. ??
Learn more: https://t.co/8Ylc3lZSeg
— Ripple (@Ripple) June 22, 2023
In contrast, the regulatory landscape in the United States has been more challenging for Ripple. The SEC lawsuit, filed in December 2020, remains ongoing and has caused a decline in faith within the crypto community towards Ripple.
However, the recent release of the highly anticipated Hinman documents provided some relief and optimism for Ripple and the wider crypto community. These documents have become a source of speculation and hope, as they offer insights into the SEC’s perspective on cryptocurrencies and their classification as securities.
Stuart Alderoty, Chief Legal Officer of Ripple, exuded confidence in the company’s ability to win the ongoing case against the SEC.
Citing the SEC’s recent track record with defeats in four out of five Supreme Court cases, Alderoty believes that Ripple has a high probability of emerging victorious in the lawsuit. Such a victory would not only validate Ripple’s position but also impact the broader regulatory landscape for cryptocurrencies.
The SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SEC’s bullying and clinging to stretch legal positions that were not faithful to the law.
— Stuart Alderoty (@s_alderoty) February 20, 2023
The Social Angle
On the social front, Lunar Crush’s data revealed a significant decline in social engagements and mentions surrounding XRP. Mentions of XRP dropped by 73.6%, while engagements on social media decreased by 54.2% in the last week.
The sentiment surrounding XRP has also turned negative during this period. This reflects the community’s cautious outlook and uncertainty regarding the lawsuit’s outcome. However, the landscape could change drastically following the ruling of the lawsuit, which holds the potential to reshape the future of XRP.
Realistic or not, here’s XRP’s market cap in BTC terms
As of the time of writing, XRP was trading at $0.515. It registered a 3.06% increase in the past 24 hours according to CoinMarketCap. The trading volume for XRP has also seen a significant boost, rising by 26.34% during the same period.
The price movements and trades indicate that despite the uncertainty, there is still investor confidence and market interest in XRP.