Ripple Expands Crypto Payment Services in Singapore
Ripple has gained new approval from Singapore’s Monetary Authority (MAS). This lets Ripple offer more payment services under its Major Payment Institution license. The update helps Ripple grow its cross-border payments in Singapore.
Ripple’s local entity, Ripple Markets APAC Pte, can now provide more token-based settlement options. These include XRP, the RLUSD stablecoin, and other digital assets.
Ripple can also support banks, fintech firms, and crypto service providers under Singapore’s regulated system. Fiona Murray, Ripple’s Vice President and Managing Director for Asia Pacific, said this expansion allows Ripple to offer faster and better payments for its customers.
Murray added that Asia Pacific leads in digital asset use, with on-chain activity up about 70% year-over-year. Singapore is a key center for this growth.
Ripple President Monica Long praised MAS for setting high global standards in digital asset regulation. She said clear rules help speed up innovation. The expanded license will enable Ripple to invest more in Singapore’s payment infrastructure.
XRP Nears $2 Support After Price Drop
On Monday, XRP dropped 5% after hitting resistance near its 20-day Exponential Moving Average (EMA). This level was a strong barrier last week.
XRP is now testing the $2.00 support level. If the price bounces from $2.00, it may try to break above the 20-day EMA again. But a fall below $2.00 could push XRP down to $1.60 support.
Technical indicators like the Relative Strength Index (RSI) and Stochastic Oscillator are trending lower. This suggests growing bearish momentum for XRP.
