Ripple has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, allowing the fintech firm to provide digital payment token services in the region. This comes after Coinbase secured a similar license in Singapore, highlighting the city state’s interest in becoming a major crypto hub in Asia. Ripple CEO Brad Garlinghouse said that Singapore’s regulatory clarity has been pivotal for the region’s success as a crypto hub.Meanwhile, the US District Court ruled against the US SEC’s motion to appeal July’s pro-XRP ruling, in which Judge Analisa Torres ruled that XRP sales did not violate US Securities laws. The judge has set an April 2024 trial date for the other issues needing resolution.XRP price rose over 5.2% intraday on Oct. 3 before bears started paring gains. The bearish pressure forced the token to plummet 4.2% on Oct. 4 to a daily low near $0.52 before recovering later in the day. The RSI for XRP remained neutral, with a score of 55.89 on the daily charts. If more buyers enter the market, XRP could reach $0.56, which acted as resistance between May 2022 and July 2023. Conversely, if bulls fail to hold XRP price above the 200-day EMA and 20-day EMA support confluence, the token might drop to the support near $0.5.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇸🇬 🇺🇸 🇮🇳
Sentiment	neutral
Relevance Score	8
People	SEC, Brad Garlinghouse, Analisa Torres, John Deaton, Fox Business
Companies	US Securities and Exchange Commission, Monetary Authority of Singapore, Coinbase, Fox Business, Ripple
Currencies	US Dollar, Ethereum, XRP, Bitcoin, Singapore Dollar
Securities	None