Key facts
- Gemini now allows XRP deposits and withdrawals directly on the XRP Ledger network for its Singapore-based customers.
- This development aims to further boost XRP's price momentum, which has already seen a significant rally.
- The move is particularly relevant given Singapore's status as a major financial and crypto hub.
- Spot XRP ETFs have experienced substantial inflows, contributing to the recent price surge.
- Goldman Sachs has re-entered the XRP ETF market, increasing its holdings.
Gemini co-founder Tyler Winklevoss announced that Gemini users in Singapore can now deposit and withdraw XRP directly over the XRP Ledger (XRPL) network. This expansion of native XRPL support is significant for Singapore, a major financial center and crypto hub regulated by the Monetary Authority of Singapore (MAS).
The development comes as XRP's price has rallied over 50% in the past week, driven by substantial inflows into spot XRP ETFs. The exchange rate is currently trading at $1.52, with trading volume showing strong momentum. XRP ETFs saw $13.82 million in inflows on Monday alone, with the Bitwise XRP ETF leading the pack. Goldman Sachs has also re-entered XRP ETFs, becoming a top holder.
Further supporting the XRP ecosystem, Ripple is participating in Singapore's MAS BLOOM initiative to test its RLUSD stablecoin for speeding up cross-border trade. Additionally, JPMorgan, Ripple, and Mastercard recently completed a cross-border tokenized treasury settlement using the XRP Ledger. The XRP Ledger itself is undergoing upgrades, including version 3.3.0, to enhance institutional adoption through tokenization and industry collaboration.