Gemini Enables Direct XRP Ledger Deposits in Singapore

Gemini co-founder Tyler Winklevoss has announced that the exchange now supports direct XRP deposits and withdrawals via the XRP Ledger (XRPL) for users in Singapore, a move coinciding with a 50% rally in the token's price over the past week [2]. The expansion into one of Asia’s primary financial hubs marks a significant infrastructure update for the XRP ecosystem as institutional interest, measured by spot ETF inflows, continues to climb [2].

Infrastructure and Market Momentum

The integration allows Singapore-based customers to interact directly with the XRPL network, a development that follows Ripple’s participation in the Monetary Authority of Singapore’s (MAS) BLOOM initiative to test the RLUSD stablecoin [2]. This infrastructure shift aligns with broader institutional adoption, evidenced by the recent completion of a cross-border tokenized treasury settlement involving JPMorgan, Ripple, and Mastercard on the XRPL [2].

Market sentiment remains elevated, with XRP trading at $1.52, near its 24-hour high of $1.55 [2]. This price action is supported by $13.82 million in spot XRP ETF inflows recorded on Monday, with the Bitwise XRP ETF accounting for $8.25 million of that total [2]. Futures market activity also reflects this momentum, as open interest climbed nearly 6% to $3.81 billion over the last 24 hours [2].

Speculation on Further Exchange Listings

While the Singapore announcement specifically concerns XRP, market speculation has turned toward potential listings for other assets on the Gemini platform. Gemini has teased "big news" scheduled for announcement on Thursday, March 13 [1]. Many users on social media have speculated that this upcoming development may involve the listing of Cardano (ADA), which currently trades at approximately $0.73 [1].

Cardano has experienced a volatile month, peaking above $1.10 following reports of its inclusion in a proposed US strategic crypto reserve before undergoing a significant correction [1]. Analysts tracking the token suggest that a potential Gemini listing could provide the liquidity necessary to challenge its current downtrend [1].

What to watch

• Gemini Announcement: Monitor the platform’s official channels on Thursday, March 13, for the promised "big news" and its impact on asset liquidity [1].
• Institutional Flows: Track daily inflows into spot XRP ETFs and changes in futures open interest, which currently sit at $3.81 billion, to gauge the sustainability of the recent price rally [2].
• Regulatory Developments: Observe further updates from the Monetary Authority of Singapore regarding the RLUSD stablecoin testing and its integration with the XRP Ledger [2].

The expansion of XRPL support in Singapore underscores a broader trend of institutional-grade infrastructure being built around XRP, even as market participants look to Gemini for further signals regarding asset availability. Whether the exchange's upcoming announcement provides a similar catalyst for other tokens remains the primary focus for market observers this week.