Singapore, Independent Reserve (IR), Singapore’s 🇸🇬first licensed cryptocurrency exchange for all investors, has announced its pioneering role in listing Ripple’s USD-backed stablecoin, Ripple USD (RLUSD). Starting from 22 December 2024, customers in Singapore will be able to trade RLUSD on the platform.
As the first exchange in Singapore to offer RLUSD, Independent Reserve is bringing this stablecoin to its order book and OTC desk, providing a seamless and efficient liquidity solution for cross-border transactions. This addition allows clients to conduct global transactions with greater speed and reduced costs, further enhancing the exchange’s offerings.
RLUSD is a stablecoin pegged 1:1 to the US dollar, issued on both the XRP Ledger and Ethereum networks. It is designed for a wide range of applications, from cross-border payments to decentralized finance (DeFi), offering a secure, fast, and scalable alternative for users in the growing stablecoin market.
Lasanka Perera, CEO of Independent Reserve Singapore, commented: “The stablecoin market has experienced tremendous growth, demonstrating that stablecoins are becoming integral to modern financial systems. They have proven to be a viable solution for payment transactions and supporting DeFi ecosystems. RLUSD offers a compelling option for investors and financial institutions, providing a more efficient and secure way to move capital globally."
He continued, “As long-standing partners of Ripple, we are proud to be the first regulated exchange to offer Ripple USD in Singapore. This decision reflects the strong trust and mutual support we have cultivated over the years. By listing RLUSD, Independent Reserve continues its commitment to transforming financial services through crypto and blockchain technology.”
Secure and Accessible Stablecoin Opportunities in Singapore
Customers of Independent Reserve in Singapore can now buy and sell RLUSD using either Singapore dollars (SGD) or US dollars (USD) on the exchange’s order book and OTC desk.
RLUSD is issued under the New York Department of Financial Services (NYDFS) limited-purpose trust charter, one of the most stringent regulatory frameworks in the financial industry. Fully backed by the US dollar, the Ripple USD Reserve is maintained through a combination of USD fiat and cash equivalents, including government money market funds and short-term US Treasury Bills, held by US-based financial institutions. Ripple also commits to providing monthly third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm, ensuring transparency and security for investors.
Independent Reserve’s listing of RLUSD marks a significant step forward in expanding stablecoin accessibility in Singapore, offering a regulated and secure environment for users to trade and leverage the benefits of Ripple’s USD-backed stablecoin. #Singapore #Ripple #RippleUpdate #Ripple💰 #SingaporeCryptoTrend $XRP

According to Binance, the price of XRP skyrocketed to $0.63 as Ripple continued its upward trajectory.
On the basis of Bitcoint developments, Ripple analyst Austin Hilton forecasts that the price of XRP will increase to $1.80.
As the alternative cryptocurrency experienced a decline from its monthly high of $0.70, the price of XRP stayed fairly steady throughout the course of the last month.
Following the positive triggers of 2024, the native token of the XRP Ledger, XRP, is projected to see a rise that reaches a top of $1.80 . Both the imminent halving event for Bitcoin and the legalization of Spot Bitcoin Exchange Traded Funds (ETF), which is much anticipated, are scheduled to take place in the year 2024.
As indicated by the information provided by Macroaxis, the correlation between XRP and Bitcoin over a period of thirty days is 0.89. As a result, Ripple has a strong correlation with Bitcoin, and as a consequence, the bullish events that occur in Bitcoin have an effect on XRP.
Following the halving of the supply and the expected introduction of Spot Bitcoin ETFs in the first half of 2024, cryptocurrency analysts projected that the price of XRP would skyrocket by a significant amount.
Hilton is of the opinion that the price of XRP is expected to increase to $1.80 or higher as a result of bullish developments that have occurred in Bitcoin.
Updates in the litigation that the Securities and Exchange Commission (SEC) is pursuing against Ripple and the plan that the payment remittance company has for an initial public offering (IPO) are two more triggers that are likely to impact the price of XRP.
Over the course of the previous two years, events in the SEC v. Ripple litigation have had an impact on the price of the alternative cryptocurrency, and holders of XRP are hoping for a positive resolution in the case.
XRP price is anticipated to climb higher, according to technical analysis.
In the previous month, the price of XRP has stayed relatively stable, and the price of the alternative cryptocurrency is now in an upward trend. When this article was written, the price of XRP had already reached its monthly high of $0.70, but it has since seen a decline, and it is currently trading at $0.63.

In its rebound towards $0.7430, the 61.8% Fib level of the collapse from its July 13 high of $0.9403 to its August 17 low of $0.4237, the price of XRP is expected to continue making higher highs and higher lows. This is because the peak of the slide occurred on July 13.
It is possible that a trend reversal might be indicated by a daily candlestick closing below $0.6200, which would undermine the bullish thesis for the price of $XRP .

#XRP #RippleUpdate #etf