Here’s everything new and most interesting surrounding Ripple and its ecosystem.
Ripple expanded its global presence, while more and more spot XRP ETFs continue to pop up in the United States.
However, the native token’s price has plunged substantially over the last 24 hours, coinciding with the latest correction in the broader cryptocurrency market.
Another Approval in Asia
Earlier today (December 1), Ripple revealed that the Monetary Authority of Singapore (MAS) has approved an expanded scope of payment activities for the Major Payment Institution (MPI) licence held by Ripple Markets APAC Pte. Ltd. This allows the company to offer additional services to local clients. Speaking on the matter was Monica Long, President of Ripple:
“MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach. Ripple has always taken a regulation-first approach, and Singapore is proof that innovation thrives when rules are clear. This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.”
For her part, Fiona Murray (Ripple Vice President & Managing Director, Asia Pacific) asserted that the region “leads the world in real digital asset usage” and added that Singapore plays a vital role.
The company has been quite active on the Asian continent. Several days ago, it announced that Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has recognized its stablecoin, dubbed RLUSD, as an accepted fiat-referenced token. Prior to that, the Dubai Financial Services Authority (DFSA) recognized the product as a crypto token within the Dubai International Financial Center (DIFC).
The Next ETF
In mid-November, Canary Capital became the first entity to launch a spot XRP ETF in the USA that has 100% exposure to the asset. In the following weeks, Bitwise, Franklin Templeton, and Grayscale did the same, and the investment vehicles appear to have generated substantial investor interest. According to SoSoValue, the cumulative total net inflow into those products surpassed $666 million in just a few weeks of existence.
But that’s not all, because other companies have also joined the craze, and according to numerous commentators on X, the next firm to launch a spot XRP ETF is 21Shares. It received the necessary green light last week, and its financial vehicle is expected to go live later today (December 1).
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XRP Price Outlook
The crypto market did not start December on the right foot and was hit by another major pullback. XRP was among the worst-affected, with its price plummeting by over 8% in the last 24 hours, and it currently struggles to float above the psychological level of $2.
X user CRYPTOWZRD envisioned a potential rebound but only if the price holds above $2.08. According to the analyst, plunging below that zone (as it happened) indicates weakness.
Others, though, remain firm optimists. X user Crypto Currency claimed that XRP has been mimicking its pattern from 2017, predicting a potential price explosion in the near future.
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