Coinbry

  • Market Cap: $2,478,717,025,599.34
  • 24h Vol: $143,714,208,035.14
  • BTC Dominance: 51.80%
What is the reason behind the increase in XRP price today?

What is the reason behind the increase in XRP price today?

XRP Price Surges as U.S. Judge Rejects SEC Appeal and Ripple Receives Singapore Payments License

The price of XRP (XRP) has experienced a significant increase after Federal District Judge Analisa Torres ruled against the United States Securities and Exchange Commission’s claim that XRP is a security. The token reached $0.55 following the court decision, although it later gave away some of the gains. This favorable ruling has sparked mixed opinions among experts, with some cautioning that the SEC could still appeal the case after the trial’s conclusion in 2024.

In addition to the court ruling, Ripple also received approval for a Major Payment Institution license for digital payment token services in Singapore. This license allows Ripple to continue its operations in the city-state and further scale its On-Demand Liquidity service, which utilizes XRP as a bridge currency and reduces operational costs.

Furthermore, Ripple has been selected as one of the contenders for Georgia’s central bank digital currency (CBDC) pilot. The National Bank of Georgia aims to launch a limited-access live pilot environment for its digital lari project, which supports asset tokenization.

Despite these positive developments, there has been no significant impact on XRP derivatives demand. The open interest for XRP futures has increased slightly, but it remains lower than previous levels. Additionally, the XRP futures funding rate has consistently stayed below 0.01%, indicating that leverage costs are not considered expensive.

Summary:

  • XRP price surges after U.S. Judge rejects SEC’s claim that XRP is a security
  • Ripple receives a Major Payment Institution license for digital payment token services in Singapore
  • Ripple selected as a contender for Georgia’s CBDC pilot
  • No significant impact on XRP derivatives demand
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.