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Ripple has made a major announcement stating that the Dubai Financial Services Authority (DFSA) has approved the use of XRP within the Dubai International Financial Centre (DIFC).
The announcement clears the way for digital asset companies to incorporate XRP into their services.
DFSA Gives Ripple The Green Light
The announcement by Ripple comes at a time when it has seen positive developments in its ongoing battle with the United States Securities and Exchange Commission (SEC). The news means digital asset firms will be able to integrate XRP into their services. Ripple broke the news on X (formerly Twitter), stating,
“Today, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (@DIFC) to incorporate XRP into their virtual asset services. Licensed virtual asset firms within the DIFC will now be able to incorporate XRP into their virtual asset services.”
The news also had a positive impact on the price of XRP, with the token currently trading at $0.59. Brad Garlinghouse, the CEO of Ripple, who, along with Chris Larsen, was cleared of all charges, added that Ripple will look to expand its presence in Dubai and will work together with regulators and realize the full potential of crypto. Garlinghouse stated,
“Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation. It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth. Ripple will continue to double down on its presence in Dubai, and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”
The Dubai Financial Services Authority’s approval for Ripple could potentially unlock new regional payments and other virtual asset use cases on the XRP ledger. A key builder and user of the XRP ledger, Ripple selected the Dubai International Financial Centre as the location for its MENA headquarters in 2020. Dubai was chosen thanks to its innovative and forward-looking regulations, expansive networks, and its reputation as a global financial hub. Ripple has also stated that approximately 20% of its customers are based in the MENA region.
Ripple’s Flagship Event
The announcement also came as Dubai gears up to host Ripple Swell, the company’s flagship event, on the 8th and 9th of November. It follows prior successful events that saw Ripple customers and partners come together in major global financial centers such as Singapore and London. Dubai International Financial Centre’s Chief Operating Officer, Alya Al Zarouni, will be taking the main stage. Others joining the event are the CEO of VARA, Hensen Orser, along with several national and global thought leaders, decision-makers, and policymakers from finance, fintech, and crypto.
Ripple (XRP) Price Analysis
The ongoing bullish sentiment prevailing in the crypto markets has seen several analysts weigh in with predictions for major cryptocurrencies such as XRP. Most have taken a fairly conservative stance, but some, such as CryptoBull, believe that XRP could push to $220 during the next bull run. The analysts stated that during XRP’s first bull run, the cryptocurrency surged from $0.002 to $3.84, arguing if we follow the same pattern during the second bull run, XRP could touch $220.
Ripple is currently trading at $0.59, as seen in the chart below, and has remained in the green for the past three days. The token has registered an increase of just over 8% over the past week and 30% over the past six months. The current bullish sentiment around XRP can be attributed to the Dubai Financial Services Authority’s approval for the use of XRP in the Dubai International Financial Centre.
Over the weekend, on-chain metrics and price prediction firm Changelly has predicted a 20% spike. This means we could see XRP push to $0.64 by Saturday, an uptick of 7% from its current levels. Bullish developments on XRP will likely support its recent uptrend, and a break past the $0.66 level could see it rise to the upper boundary of the Fair Value Gap (FVG). The move from its current level to $0.66 would represent an 11% increase.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.