Ripple gets nod to offer XRP services in Singapore

Ripple gets nod to offer XRP services in Singapore

XRP bulls were cheered 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.

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

District Attorney 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.

UpBit, a Korean exchange that seems to attract massive speculative XRP trading, had a volume increase in the past 24 hours, with some $280 million traded on the platform. Binance's shares were traded for $271 million in the same period.

Ripple has historically remained far away 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 payments institution from the Monetary Authority of Singapore, allowing it to continue providing digital payment token services in the fast-growing region.

In Asia, mostly U.S.-focused companies are scoring wins in the Asia region, mainly due to better policies, more attractive tax rates, and a user base that does not shy away from token use.