Key Notes
- XRP crashed more than 7% in the past 24 hours.
- The token is now trading close to the $2 support level.
- Singapore upgraded Ripple’s MPI license.
American fintech Ripple secured major regulatory progress in Singapore. The Monetary Authority of Singapore (MAS) granted it an expanded scope for the Major Payment Institution (MPI) license held by the firm’s Singaporean arm, Ripple Markets APAC Pte. Ltd. (RMA).
According to an announcement, Ripple now gains the authority to broaden its payment activity in one of the world’s most forward‑looking financial hubs.
Singapore Approval Marks a Major Shift for Ripple
Ripple said that Singapore holds a unique position in the global crypto space, with Asia Pacific showing a 27% rise in on‑chain activity year over year.
It added that Singapore’s regulatory clarity serves the crypto industry well and said that Ripple Payments allows institutions to tap digital tokens such as RLUSD and XRP without any infrastructure burden.
“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,” said Monica Long, Ripple President.
Ripple also discussed the benefits of Ripple Payments, which combines digital payment tokens and a global payout network “to deliver fast, transparent, and reliable cross-border payments and on/off ramps” for institutions around the globe.
XRP Price Analysis: The Battle for the $2 Zone
According to CoinMarketCap data, XRP
XRP
$2.05
24h volatility:
6.4%
Market cap:
$123.79 B
Vol. 24h:
$3.73 B
is trading close to the $2 support zone. XRP prices crashed more than 7% in the past 24 hours and over 18% across the past month. As per the chart below, the trendline above the price action still blocks any attempt at a revival. Bollinger Bands show a tight squeeze, which signals low volatility.
RSI holds near neutral territory, while the MACD indicator shows that the MACD line (blue) continues to trade below the signal line (red) but the distance between the two is reducing. However, Balance of Power stays negative, a sign that sellers still dominate.
Source: TradingView
If buyers defend the $2 region, XRP could attempt a small rebound toward the mid‑range of the channel. A break beneath this layer, though, places the asset at risk of dropping to $1.5.
As reported earlier, the launch of spot XRP ETFs in the US was met with positive response with firms like Grayscale, Bitwise, and Franklin Templeton already recording massive inflows.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/xrp-price-crash-will-2-hold-as-ripple-expands-its-services-in-singapore/
