Ripple Soars on Singapore License and SEC Setback

XRP prices rose 5.3% as Ripple scored a payments license in Singapore and the SEC lost a bid to appeal in the Ripple case.

Ripple was granted a license as a major payments institution from the Monetary Authority of Singapore.

Ripple's subsidiary Ripple Markets APAC Pte Ltd obtained formal licensing after preliminary approval in June.

U.S. companies like Ripple are scoring wins in Asia due to better policies, tax rates, and greater crypto adoption.

XRP trading volumes spiked to $1.7 billion from $900 million the previous day, with Korean exchange UpBit seeing the most volume.