John E. Deaton, a pro-XRP lawyer, has provided his commentary on Ripple’s recent attainment of In-Principle approval from the Monetary Authority of Singapore (MAS).
Deaton took to Twitter to share his perspective on the matter, stating that the announcement was “fairly significant” and also highlighted the rarity of such a license, emphasizing that fewer than 20 companies have managed to attain this status in Singapore.
XRP Price Didn’t React to the Significant Update
Attorney Deaton made an important observation that despite XRP being utilized in conjunction with Ripple’s In-Principle approval, the price of the coin did not exhibit any significant reaction to this news. Furthermore, Deaton stated that all XRP holders share a common enterprise with Ripple, relying on the company’s efforts to drive gains.
He further noted that XRP’s price movement remained closely aligned with Bitcoin and the broader macroeconomic conditions.
Related article: XRP: A “Must-Hold” for the Next Bull Run, Claims Bitcoin Maximalist
Deaton Responses to Morgan’s Inquiry
In his tweet, Attorney Deaton directly addresses the question raised by Australian lawyer Bill Morgan regarding whether the MPI license obtained by Ripple would enable ODL transactions involving XRP. Deaton’s tweet serves as a response to Morgan’s inquiry, seeking clarification on whether the license specifically pertains to ODL transactions incorporating XRP.
Contrary to the claim made by the Australian-based lawyer, Attorney Deaton affirmed that the license obtained by Ripple would indeed permit the utilization of XRP in ODL transactions.
Ripple Secures In-Principle License From MAS
Ripple gained significant attention this week when it secured In-Principle approval from the MAS for a Major Payments Institution license. This development is noteworthy as Ripple now belongs to a select group of fewer than 20 companies that have obtained such a license.
With the In-Principle license in hand, Ripple’s subsidiary, Ripple Markets Asia Pacific, will be able to expand the implementation of its On-Demand Liquidity (ODL) solution in Singapore. It is important to highlight that ODL utilizes XRP for facilitating cross-border settlements.
XRP Price Movement
According to data from CoinMarketCap, XRP saw a slight increase in price, rising from $0.50 to $0.52 in the early hours of yesterday. While this price surge might suggest a correlation with the announcement of Ripple’s In-Principle license, it’s important to note that many other cryptocurrencies also experienced similar modest gains during that time.
Currently, XRP is trading around $0.49, prompting many to question how the SEC arrived at the conclusion that XRP investors are part of a common enterprise with Ripple. It should be noted that this claim was made by the SEC as part of their legal case against Ripple. The recent market activity has raised doubts about the rationale behind the SEC’s position.
