Ripple (XRP) News Today: December 1

Here’s everything new and interesting around Ripple and its ecosystem.

However, the price of the native token has fallen significantly over the past 24 hours, coinciding with the latest correction in the broader cryptocurrency market.

Another approval in Asia

Earlier today (December 1) Ripple revealed that the Monetary Authority of Singapore (MAS) has approved an expanded scope of payment activities for Ripple Markets APAC Pte’s Major Payment Institution (MPI) license. Ltd. This allows the company to offer additional services to local customers. Speaking about this issue, Ripple President Monica Long said:

“MAS has set a leading standard for regulatory clarity in digital assets, and we value Singapore’s forward-thinking approach. Ripple has always taken a regulation-first approach, and Singapore is proof that innovation thrives when the rules are clear. This expanded license strengthens our ability to continue investing in Singapore and building the infrastructure financial institutions need to move money efficiently, quickly and securely.”

For her part, Fiona Murray (Ripple vice president and general manager, Asia Pacific) claimed that the region “leads the world in the use of real digital assets” and added that Singapore plays a crucial role.

The company has been quite active on the Asian continent. A few days ago, it announced that Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has recognized its stablecoin, called RLUSD, as an accepted token with fiat reference. Previously, the Dubai Financial Services Authority (DFSA) recognized the product as a crypto token within the Dubai International Financial Center (DIFC).

The next ETF

In mid-November, Canary Capital became the first entity to launch a spot XRP ETF in the US that has 100% exposure to the asset. In the following weeks, Bitwise, Franklin Templeton and Grayscale did the same, and the investment vehicles appear to have generated significant investor interest. According to SoSoValue, cumulative total net inflows into these products exceeded $666 million in just a few weeks.

But that’s not all, as other companies have joined the craze, and according to numerous commentators on X, 21Shares is the next company to launch a spot XRP ETF. It received the necessary green light last week, and the financial vehicle is expected to go live later today (December 1).

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XRP Price Outlook

The crypto market didn’t start December well and was hit by another major pullback. XRP was one of the hardest hit: its price fell more than 8% in the last 24 hours, and it is currently struggling to float above the psychological level of $2.

X-user CRYPTOWZRD in mind a potential rebound, but only if the price stays above $2.08. According to the analyst, diving below that zone (as it happened) indicates weakness.

Others, however, remain fervent optimists. X user’s crypto currency claimed that XRP has mimicked the 2017 pattern and portends a potential price explosion in the near future.