Ripple News: XRP Price Remains Unaffected Despite ‘Significant’ News, Claims Pro-XRP Lawyer

Brad Garlinghouse, the CEO of Ripple, recently took to Twitter to express his pride in Ripple receiving in-principle approval from the Monetary Authority of Singapore (MAS) for a MAS MPI (Major Payment Institution) license for digital payment token services. 

In his tweet, he acknowledged Singapore’s position as a leading global financial center and praised its pragmatic and innovation-driven approach towards cryptocurrencies. Garlinghouse highlighted that Ripple is among a select group of fewer than 20 firms to receive this approval, emphasizing the significance of this achievement.

He wrote, “As a major global financial center, Singapore led the way in taking a pragmatic, innovation-first approach to crypto – we’re incredibly proud @Ripple is one of a handful of firms (<20) to receive in-principle approval for a MAS MPI license for digital payment token services!”

In response to the news of Ripple’s approval for a MAS MPI license in Singapore, John Deaton spoke about the significance of this development, noting that less than 20 companies have received such a license in Singapore. 

However, Deaton expressed surprise that the news did not lead to a significant upward movement in the price of XRP. He mentioned that if all XRP holders worldwide are considered to be part of a common enterprise with Ripple, relying on its successful efforts, one would expect XRP to react more positively. Instead, Deaton observed that XRP tends to follow the price movements of Bitcoin and the overall macro environment, as it has historically done. 

He wrote, “If all XRP holders in the are in a common enterprise with Ripple and relying on the successful efforts of Ripple, you would expect XRP to react. Yet, it does what it always does – follows #Bitcoin and the macro environment.”

XRP holders and the cryptocurrency sector is currently awaiting a resolution in the ongoing lawsuit filed by the SEC.