Ripple gets approval to offer XRP services in Singapore

Ripple gets approval to offer XRP services in Singapore

XRP bulls had a reason to cheer as the payments firm Ripple was granted a license to offer key services in Singapore, and the SEC lost a bid to appeal the Ripple case.

Prices rose 5.3% before retreating in Asian afternoon hours Wednesday, with trading volumes spiking to $1.7 billion from Tuesday's $900 million. At the time of writing, XRP was trading at 53 cents.

District Judge Analisa Torres said in a brief ruling Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there were substantial grounds for differences of opinion.

In the last 24 hours, upBit, a Korean exchange that attracts substantial speculative XRP trading, led volumes, with some $280 million traded on the platform. Binance traded in the same period with a trading volume of $271 million.

Ripple has always maintained a distance from XRP, the token that powers some of its products and the XRP Ledger network. Any progress in Ripple's court cases, or licenses, clearly has an impact on XRP prices as traders consider the two related.

On Wednesday, Ripple's Singapore branch secured a license as a major payment institution from the Monetary Authority of Singapore, enabling it to continue providing digital payment token services in the fast-growing region.

This comes as mainly U.S.-focused companies are winning in Asia, mostly because of better policies, more attractive tax rates, and a user base that does not shy away from token use.