The cryptocurrency market experienced a dip on Monday but instantly bounced back.
Bitcoin briefly dropped to the $84k level but is now trading above $86k per coin. XRP, Ripple’s native coin, also dipped on Monday, but the $1.9 support level held, pushing the price back above $2.0.
With the $2.0 psychological level reclaimed, XRP could push higher in the near term.
Ripple has received expanded regulatory approval from Singapore’s Monetary Authority (MAS), with the company’s expansion likely to be crucial in XRP’s price surge in the near to long term.
Ripple receives green light in Singapore
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XRP is trading at $2.025 after losing 1% of its value in the last 24 hours.
The bearish performance comes despite Ripple announcing on Monday that it had received new regulatory clearance from the MAS to expand the range of services it can provide under its Major Payment Institution license.
According to Ripple, this approval strengthens its ability to scale its regulated cross-border payments business in Singapore.
While commenting on this latest milestone, Fiona Murray, Ripple Vice President & Managing Director, Asia Pacific, said,
“With this expanded scope of payment activities, we can better support the institutions driving that growth by offering a broad suite of regulated payment services, bringing faster, more efficient payments to our customers. The Asia Pacific region leads the world in real digital asset usage, with on-chain activity up roughly 70% year-over-year. Singapore sits at the center of that growth.”
The license applies to Ripple Markets APAC Pte, its local Singapore entity. It allows the company to offer various token-based settlement options, including XRP, its RLUSD stablecoin, and other digital assets.
Furthermore, the license also allows Ripple to provide extra payment services to banks, fintech firms, and crypto service providers operating in Singapore.
Ripple’s President Monica Long added that the expanded license will allow the company to increase its investment in Singapore.
It would also strengthen the payment infrastructure needed for fast, secure, and efficient money movement.
XRP eyes $2.2 as the $1.9 support level holds
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Similar to Bitcoin and Ether, XRP suffered a dip on Monday but quickly bounced back and is now trading above $2.0.
The dip occurred after XRP faced a rejection near the 20-day Exponential Moving Average (EMA), which served as a key resistance level over the past few days.
The XRP/USD 4-hour chart remains bearish and efficient but could flip bullish if the current support level serves as a springboard for a rally.
A sustainable move above the $2.0 psychological level could see XRP retest the 20-day EMA resistance at $2.2 once again.
Surpassing this resistance would see XRP eye the $2.35 level for the first time in three weeks.
The 4-hour RSI of 32 means that XRP remains bearish, with the MACD lines also confirming a selling pressure.
Failure to surge above $2.2 could see XRP retest the $1.90 support once again, with another major support level just around $1.60.
