XRP, the native token of the Ripple protocol, is up almost 4% in the last 24 hours and is trading at $0.528 at the time of writing.
This is despite XRP’s slight decline from its recent high of $0.545 reached last night, data from CoinGecko shows.
This makes the crypto industry’s fifth-largest asset by market capitalization the best-performing asset among the top 50 cryptocurrencies, with Bitcoin (BTC) and Ethereum (ETH) posting daily losses of 0.5% and 1.3%, respectively.
XRP is also up 6.2% for the week, with the latest price increase sparked by news that a federal judge rejected the US Securities and Exchange Commission’s request to appeal its earlier decision regarding Ripple Labs.
In her July 13 ruling, U.S. District Judge Analisa Torres in Manhattan concluded that the sale of the digital XRP token on public exchanges did not constitute an illegal, unregistered securities offering because the buyers did not have a reasonable expectation of profit as a result of Ripple’s actions had to the judge’s decision.
Adding to the positive momentum, Ripple announced on Wednesday that its Singapore subsidiary has received a full payments license to operate in the city-state.
The license granted by the Monetary Authority of Singapore (MAS) allows Ripple Markets APAC to continue offering regulated digital payment token services in Singapore.
The company added that it will continue to prioritize the Asia Pacific region when launching its crypto-based payment solutions.
Elsewhere in the market, Avalanche (AVAX) is up 3.3% on the day, followed by Polygon (MATIC) and TRON (TRX) – up 1.7% and 1.3%, respectively.
However, Solana (SOL) and Cardano (ADA) are down 3% and 2.9%, respectively, over time.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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