Ripple (XRP), a blockchain-based financial company, recently attained a significant milestone by receiving a license from the Financial Authority of Singapore (MAS).
According to a statement released on June 21, the In-Precept Approval given to the financial institution not only gives Ripple the freedom to operate its money network in the country but also represents a significant advancement towards regulatory compliance.
Regulatory authorities in the United States have been presenting obstacles to Ripple and its coin XRP since 2020. While this limited the growth of XRP, the organization, under the direction of CEO Brad Garlinghouse, discussed possibly establishing in Asia in the future.
Therefore, this expansion may very well be a step towards Garlinghouse’s claim from March. The CEO responded by saying, “Singapore is a top global financial hub and a superb gateway to business in the Asia Pacific. The MAS’s in-principal license, which confirms our commitment to the industry and continuous proactive interaction with authorities around the world, makes us incredibly proud.
an allusion to a bullish stance
This expansion may have inspired hope within the large XRP group. The coin also embraced the most recent general bullish increase in the market. According to the 4-hour chart, XRP momentum shopping increased from $0.47 on June 20.
However, sellers attempted to prevent the bullish strides in between the surge to $0.51. This led to a retreat at $0.50, which indicated slight profit-taking.
The Cash Movement Index (MFI) from the graph above, however, was 69.83. The MFI frequently uses quantity as an indicator to gauge market dynamism. The MFI’s current situation indicates significant buying momentum, which will keep the price of XRP effectively above bearish energy.
But when the MFI reaches 80, which is a high level of quantity shopping, XRP’s value may reverse. Furthermore, the Know Positive Factor (KST) indication frequently increased to a positive area.
Watching a potential flight
In a sideways market, the KST, which also functions as a momentum oscillator, frequently tends to float near the zero line. It frequently remains in the negative territory in bearish markets, signalling a short sale of the asset. On the other hand, the alternative happens in a full-fledged bull market.
Due to the increase in XRP’s KST, traders can now anticipate momentum changes and potential breakouts while maintaining their holdings.
As a last point, XRP tended to hold over $0.5 within the short time frame. However, this can depend on the direction the market as a whole take. Another thing to keep an eye on is how its case against the American SEC turns out.
