Amid crypto prices being on a tear this week, with Bitcoin crossing above $28,000 in the early hours of Monday, the XRP price has done particularly well, rising over $0.54 in the past 24 hours.
Apart from the overall market strength, some factors have contributed to XRP’s current strength, ranging from easing legal troubles to Ripple getting a new money license in Asia.
Ripple Updates Push XRP Price Surge
XRP price has witnessed sustained buying pressure this week as positive news swirls around the Ripple ecosystem to increase confidence from buyers. For one, Ripple’s legal issues seem to be easing as the payments technology company recently scored another win in court.
On October 3, federal Judge Analisa Torres dismissed the SEC’s interlocutory appeal motion against the ruling, which determined the sale of XRP wasn’t unregistered security. While the lawsuit is far from over, and a trial is now in the works, the denial of the SEC’s motion for interlocutory appeal is another minor win for Ripple.
XRP’s utility has also grown significantly this year as Ripple registered various successes in its expansion. While the crypto company has endured an extended period of legal battles with the US Securities and Exchange Commission, it has made moves to establish itself in other regions, particularly in the Asia Pacific region.
Ripple’s most recent accomplishment was the acquisition of a full license to operate as a major payment institution in Singapore. The license, given by Singapore’s central bank and financial regulator (MAS), allows Ripple to operate without transaction restriction in the country.
“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth,” said CEO Brad Garlinghouse in a company statement.
It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.
Learn more: https://t.co/jD8xSc2pdd
— Ripple (@Ripple) October 4, 2023
In reaction, the price of XRP has surged over 4.61% in the past 24 hours, performing better than most cryptocurrencies. With recent wins in court and rumors of settlement, investors are feeling optimistic again.
XRP price jumped above $0.54 following ruling | Source: XRPUSD on TradingView.com
Key Things To Watch For XRP Holders
Ripple’s future outlook is a major factor to consider for XRP’s price growth. XRP’s success is tied to Ripple’s success, so as Ripple grows, the XRP price benefits, and analysts believe Ripple’s momentum will continue propelling XRP’s price.
Ripple CEO Brad Garlinghouse also recently sparked interest from the XRP community on social media, taunting insights into Ripple’s long-term growth. Before the recently concluded Ripple Victory Party, Garlinghouse shared a picture of a tattoo on social media depicting various astronomy symbols.
According to XRP enthusiasts, the tattoo represents an upcoming bull run for the cryptocurrency. Garlinghouse had initially expressed his optimism regarding the outcome of the lawsuit as updates point to a favorable outcome for Ripple.
At the time of writing, the XRP price is trading at $0.5327 and edging closer to a resistance at $0.54. A sustained buying pressure could see XRP push above the resistance and maintain upward momentum. Crypto analyst Dark Defender predicted XRP could reach the $0.66 mark this week, leading to a further price surge in the fourth quarter.
Featured image from CoinMarketCap, chart from TradingView.com
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