A top jurisdiction in Asia has approved Ripple USD (RLUSD) to be used as a settlement token for banking transactions.
This move adds fuel to a bullish XRP price prediction as institutional adoption across the globe seems to be rising rapidly.
The Monetary Authority of Singapore (MAS) expanded the scope of Ripple’s license to operate in the country as a Major Payment Institution (MPI). This allows the company to “broaden its regulated payment offerings and deliver greater value to customers in Singapore.”
In a press release published on Monday, Ripple emphasized three benefits of using its payment solution in this country. The most prominent of those is the ability to settle payments almost instantly through the use of RLUSD – the network’s native stablecoin.
By securing this expanded license, the demand for RLUSD could skyrocket. Now banks and other financial institutions can tap XRP and RLUSD to settle crypto transfers from apps and similar solutions.
XRP Price Prediction: If Support Holds, Big Rally to $3 Level Could be Next
XRP has managed to stay above $2 despite yesterday’s strong pullback. Trading volumes jumped to 3% of the token’s circulating supply, reflecting the strength of the buying pressure.
Source: TradingViewStaying above $2 is critical for XRP’s long-term outlook. The token has dropped below this area multiple times already, but has recovered every time so far.
Despite the latest drops, the Relative Strength Index (RSI) shows that negative momentum is decelerating as a bullish divergence has popped up.
If the $2 level holds, a bullish breakout of XRP’s descending channel should confirm a bullish XRP price prediction.
Although XRP may not rise by 100x this year, this latest news could help the token recover from its latest drop. Hence, it may still make a new all-time high at least before the year ends.
Rising institutional adoption of blockchain-based solutions across the globe seems to be benefiting top crypto presales like Bitcoin Hyper ($HYPER) as well. This project has raised nearly $28 million in its ongoing presale to launch its ambitious Solana-based Bitcoin L2.
Bitcoin Hyper ($HYPER) Could Kickstart a New Era for Bitcoin Applications
Bitcoin Hyper ($HYPER) is getting ready to launch its Solana-based scaling solution for the Bitcoin blockchain and has raised a significant amount from investors in its ongoing presale.
BTC holders will now be able to generate passive income on their investment without leaving the top crypto’s native blockchain.
The Hyper Bridge will safely store BTC tokens on the Bitcoin blockchain and mint the corresponding amount on the Hyper L2 to access a suite of powerful decentralized apps.
From making payments to earning yield, a whole new universe of possibilities will open up for BTC investors with the launch of this solution.
As top wallets and exchanges embrace the L2, the demand for $HYPER could skyrocket.
To buy $HYPER before the next price increase, simply head to the official Bitcoin Hyper website and link up a compatible wallet like Best Wallet.
You can either swap USDT or SOL or use a bank card instead.
Visit the Official Bitcoin Hyper Website HereThe post XRP Price Prediction: Singapore Approves Ripple for Bank Settlements – Can XRP 100x From Here? appeared first on Cryptonews.
