The cryptocurrency market saw a recent decline on Monday, but it rebounded quickly, with Bitcoin momentarily dipping to approximately $84,000 before recovering to trade above $86,000. XRP, the native coin of Ripple, also experienced a dip but managed to hold strong at the $1.9 support level, allowing it to rally back above $2.0. With this psychological milestone reclaimed, analysts suggest that XRP may push higher in the near future.
Ripple has recently secured additional regulatory approval from the Monetary Authority of Singapore (MAS), which is expected to play a significant role in fueling XRP’s price increase in both the short and long term. Following the news, XRP was trading at $2.025, reflecting a 1% loss in value over the last 24 hours. This bearish trend comes despite Ripple’s announcement about the new regulatory clearance, which enhances the company’s ability to expand its services under its Major Payment Institution license.
According to Ripple, this improved approval strengthens its capacity to scale its regulated cross-border payments business in Singapore. Fiona Murray, Ripple’s Vice President and Managing Director for Asia Pacific, emphasized that this development enables the company to better support institutions driving growth by providing a broader suite of regulated payment services. She noted that the Asia Pacific region leads globally in digital asset usage, with on-chain activity increasing by roughly 70% year-on-year, and Singapore is at the epicenter of this growth.
The new license pertains to Ripple Markets APAC Pte, the company’s local entity in Singapore. It permits the company to offer various token-based settlement options, including XRP as well as its RLUSD stablecoin and other digital assets. Additionally, the license allows Ripple to extend more payment services to banks, fintech firms, and crypto service providers operating in Singapore. Ripple’s President, Monica Long, stated that this expanded license will facilitate increased investment in Singapore, strengthening the payment infrastructure essential for efficient and secure money movement.
Despite recent challenges, XRP is now eyeing a target of $2.2 as it holds steady above the $1.9 support level. Earlier dips occurred after XRP faced rejection near the 20-day Exponential Moving Average (EMA), which has served as a key resistance point in recent days. The current 4-hour chart indicates a bearish sentiment, yet a sustained move above the $2.0 mark could allow XRP to retest the 20-day EMA resistance at $2.2. A breakthrough at this threshold could potentially see XRP aiming for the $2.35 level for the first time in three weeks.
However, the 4-hour Relative Strength Index (RSI) at 32 indicates that XRP remains in a bearish state, with the Moving Average Convergence Divergence (MACD) lines confirming selling pressure. If XRP fails to rise above the $2.2 resistance, it may once again revisit the $1.90 support level, with another significant support threshold at approximately $1.60.
