- Ripple turned its objectives into action by getting a payment provider license from Singapore.
- Despite some profit-taking, XRP rose above $0.5 while keeping bears at bay.
- The market structure defined by the MFI and KST leaned toward bullish control.
Blockchain-based payments company Ripple (XRP) has recently obtained a major milestone by securing a license from the Monetary Authority of Singapore (MAS).
According to the communiqué released on June 21, the In-Principle Approval granted to the payment institution not only grants Ripple the ability to operate its payments network in the country but also signifies a significant step toward regulatory compliance.
Since 2020, Ripple, and its token XRP have been facing challenges from regulatory authorities in the U.S. While this affected the growth of XRP, the firm, led by CEO Brad Garlinghouse talked about settling in Asia at some point.
So, this development could be a step connected to Garlinghouse’s statement in March. Reacting to the development, the CEO said, “Singapore is a leading global financial center and a prominent gateway to business in the Asia Pacific. We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.”
Hinting at a Bullish Stance
This development may have sparked optimism among the XRP community. The token also followed the recent widespread bullish surge in the market. According to the 4-hour chart, XRP buying momentum rose from $0.47 on June 20.
But in between the rise to $0.51, sellers tried to halt the bullish strides. This caused a pullback at $0.50, signaling mild profit-taking.
XRP/USD 4-Hour Chart | Source: TradingView
However, the Money Flow Index (MFI) from the chart above was 69.83. Usually, the MFI uses volume as an indicator to measure market heat. The current state of the MFI suggests a solid buying momentum and could keep the XRP price well above bearish power.
But if the MFI hits 80 — an excessive buying volume — then a price reversal might occur for XRP. Also, the Know Sure Thing (KST) indicator generally rose to the positive region.
Eyes on a likely flight
Oftentimes, the KST, which also acts as a momentum oscillator, tends to hover around the zero line in a sideways market. In bearish markets, it tends to remain in the negative territory while providing a signal to short-sell the asset. Conversely, the opposite happens in a full-blow bull market.
Therefore, the hike in XRP’s KST suggests that traders may watch for shifts in momentum and potential breakouts while holding their positions.
XRP/USD 4-Hour Chart | Source: TradingView
As a final word, XRP had the tendency to remain above $0.5 in the short term. However, this might depend on the direction the broader market maintains. Also, the outcome of its case with the U.S. SEC is another factor to observe.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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