Gemini co-founder Tyler Winklevoss announced on Monday that cryptocurrency exchange users in Singapore can now deposit and withdraw XRP directly over the XRP Ledger (XRPL) network. Winklevoss highlighted the update as significant for the region, noting that Singapore serves as a major financial center and crypto hub under the supervision of the Monetary Authority of Singapore (MAS).
The integration follows other regional developments involving Ripple, which recently joined Singapore's MAS BLOOM initiative to test its RLUSD stablecoin for cross-border trade efficiency. Additionally, major financial institutions including JPMorgan, Ripple, Mastercard, and Ondo Finance recently completed a cross-border tokenized treasury settlement utilizing the XRP Ledger.
At the same time, the XRP Ledger is implementing updates such as the XRPL 3.3.0 upgrade to introduce amendments aimed at supporting institutional adoption amid increasing tokenization and traditional finance collaboration.
The network developments coincide with broader market activity. XRP has seen a more than 50% rally over the course of a week, supported by retail and institutional inflows into spot XRP ETFs. Spot XRP ETFs recorded $13.82 million in inflows on Monday, with the Bitwise XRP ETF leading with $8.25 million, following reports that Goldman Sachs re-entered XRP ETFs to become a top holder. XRP futures open interest also climbed by nearly 6% over a 24-hour period to reach $3.81 billion.
