The Monetary Authority of Singapore (MAS) recently granted Ripple Markets Asia Pacific In-Principle approval to grow the On-Demand Liquidity (ODL) solution in Singapore. This permission allows XRP to be used in ODL transactions, enabling faster and more efficient cross-border payments.
XRP Will Be Utilized
Bill Morgan, an Australian-based lawyer, questioned if the new license would allow for the use of XRP in ODL transactions. According to pro-XRP lawyer John E. Deaton, the usage of XRP in ODL transactions is legal under the new license.
Read Also: Bank of America to Leverage Ripple ODL Services Once XRP Lawsuit Ends, Garlinghouse Affirms
The In-Principle license places Ripple in a select group of fewer than 20 companies that have earned such a license from the government. While this is major news, it did not cause the price of XRP to rise as expected.
Despite the fact that all XRP holders are in a joint venture with Ripple and rely on the company’s performance to make money, the coin’s price has not reacted to the news. Instead, it has continued to follow Bitcoin’s and the macroenvironmental developments.
For the record, this news from @Ripple is fairly significant. Less than 20 companies have received such a license in Singapore 🇸🇬 and XRP will be utilized. Yet, #XRP doesn’t move up, even a little. If all XRP holders in the 🌎 are in a common enterprise with Ripple and relying on… https://t.co/TIakLamh0c
— John E Deaton (@JohnEDeaton1) June 22, 2023
While XRP rose slightly to 0.52 from 0.50 in the early hours of the release, most crypto assets gained somewhat as well. The ongoing SEC litigation against Ripple adds to the uncertainties surrounding XRP’s prospects.
Despite the absence of price movement, MAS certification is a key milestone for Ripple because it allows ODL transactions in Singapore to leverage XRP. With this approval, the ODL solution will be able to facilitate faster and more cost-effective cross-border settlements.
Read Also: Ripple Announces New On-Demand Liquidity (ODL) In Japan
Deaton emphasized the significance of Ripple’s freshly gained In-Principle certification from MAS in a tweet, adding that just about 20 businesses in Singapore have such a license.
However, he went on to say that XRP has continued to follow Bitcoin’s and the macro environment’s developments. While Deaton’s tweet did not contain any new information, it did highlight the viewpoint of a pro-XRP lawyer on Ripple’s In-Principle clearance and the present state of XRP’s price movement.
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