On October 4th, the XRP price rose following Ripple’s legal victory against the SEC. Specifically, Federal Judge Analisa Torres struck a major blow to the securities regulator by rejecting the objections to the Ripple Labs decision. The same day, Ripple announced that it had obtained a significant payment institution license in Singapore. This marks its latest step towards expanding in the Asia-Pacific region.
Ripple Continues its Expansion in Asia-Pacific
Less than four months after the Monetary Authority of Singapore (MAS) granted Ripple initial permission, the blockchain company now has a full license to operate in the Asian city-state. The company stated:
“Over 90% of Ripple’s business is outside the US, and with Singapore, Asia-Pacific is one of the fastest-growing regions.”
The crypto services provider emphasized that they will focus on the Asia-Pacific region for the wider adoption of payment services. The company’s staff number has doubled in the last year. Ripple’s President Monica Long pointed out, “Business volume in the Asia-Pacific region has increased significantly.”
What Does This Mean for XRP?
Undoubtedly, Ripple’s expansion into Singapore and APAC will be a positive development for the company and the XRP token.
By obtaining licenses and partnerships in key regions, Ripple can expand the accessibility and use-cases for XRP, attracting more users and investors to the cryptocurrency.
However, the court decision announced on Wednesday might contribute more to the rise in XRP’s price. Earlier this year, when Judge Torres ruled that Ripple’s sales of XRP on public exchanges were not in violation of securities regulations, the value of XRP surged.
The SEC requested permission to appeal the decision, but Torres decided that there was “no serious difference of opinion” regarding her findings and rejected the appeal
