XRP is rising on news of two big developments related to Ripple Labs, the technology company that created the cryptocurrency and operates the Ripple payment protocol and network.
First, Ripple Labs has been granted an operating license to offer services in Singapore. And second, the U.S. Securities and Exchange Commission (SEC) has lost its bid to appeal a recent court ruling that found XRP is not a security that should be regulated like a stock.
The price of XRP rose 5.3% in Asian trading on news of the two positive developments related to Ripple Labs, with trading volumes increasing to $1.7 billion U.S. from $900 million U.S., according to data from CoinGecko.
In a brief ruling, U.S. District Court Judge Analisa Torres said that the SEC failed to meet its burden of proof under the law to warrant an appeal of the previous court ruling related to XRP.
XRP accounted for more than 10% of all trading activity on major cryptocurrency exchanges around the world following news that the SEC had lost its attempt at an appeal, the data shows.
At the same time, Ripple Lab’s has secured an operating license from the Monetary Authority of Singapore, allowing it to provide digital payment token services in the fast-growing Asian nation.
Ripple Labs tends to maintain a distance from XRP, the token that powers some of its products and the XRP ledger network.
However, any success or progress for Ripple Labs tends to have a positive impact on XRP’s price as traders consider the two interconnected.
XRP’s price has increased 58% year-to-date and currently trades at $0.53 U.S. per token.
