Ripple has made significant strides in expanding its global footprint as numerous spot XRP ETFs emerge in the United States.

Recent Developments

Despite this growth, XRP’s price has seen a considerable decline in the last day, paralleling a broader downturn in the cryptocurrency market.

Expansion in Asia

On December 1, Ripple announced that the Monetary Authority of Singapore (MAS) granted an expanded scope for payment activities under its Major Payment Institution license. This development enables Ripple Markets APAC Pte. Ltd. to provide more services to local clientele. Monica Long, President of Ripple, commented:

“MAS has set a leading standard for regulatory clarity in digital assets, and we deeply value Singapore’s forward-thinking approach. This expanded license strengthens our ability to continue investing in Singapore and to build the infrastructure financial institutions need to move money efficiently, quickly, and safely.”

Additionally, Fiona Murray, Ripple’s Vice President, emphasized that the Asia Pacific region is at the forefront of digital asset adoption.

ETFs in the Market

In mid-November, Canary Capital became the first entity to launch a spot XRP ETF in the USA. Following suit, companies like Bitwise, Franklin Templeton, and Grayscale have launched their own products, attracting significant investor interest. According to data from SoSoValue, net inflows into these ETFs surpassed $666 million shortly after their debut.

The next anticipated entry into the market is from 21Shares, which reportedly received approval for its own XRP ETF this past week.

Price Analysis for XRP

As December commenced, the crypto market faced another downturn, adversely affecting XRP’s value, which fell by over 8% within 24 hours. Analysts note that maintaining a price above $2.08 is critical for a potential rebound.

Moreover, optimistic predictions surface, with some claiming that XRP’s price patterns mirror those seen in 2017, suggesting a possible surge in the near future.