Dubai License Brings Ripple Closer to Global Adoption

Ripple recently announced it has secured a crucial license from the Dubai Financial Services Authority (DFSA), allowing the company to legally offer crypto payment services using XRP within the Dubai International Financial Centre (DIFC).

The latest developments surrounding Ripple's new regulatory license in Dubai have added fuel to this bullish outlook, signaling that Ripple is primed to strengthen its market position and expand its global footprint.

Dubai License Brings Ripple Closer to Global Adoption

Recently, Ripple announced it had secured a crucial license from the Dubai Financial Services Authority (DFSA), allowing the company to legally offer crypto payment services using XRP within the Dubai International Financial Centre (DIFC). This marks a significant milestone, as Ripple becomes the first blockchain company to receive such approval in the region.

With this license, Ripple is poised to tap into the growing demand for cryptocurrency-based services in the UAE, which serves as a hub for financial innovation in the Middle East.

"We are entering an unprecedented period of growth for the crypto industry, fueled by greater regulatory clarity and increasing institutional adoption," said Brad Garlinghouse, CEO of Ripple.

This new development further strengthens Ripple's presence in the Middle East, a region where the company already serves a substantial portion of its global clientele.

XRP Price Surges Amid Regulatory Clarity

As a result of the positive Ripple news, the XRP price has experienced a strong price increase, correcting from lows of less than $2 back above $2.30. This is the fourth day in succession that XRP has been making a recovery, reflecting the shift in the investors' sentiment. Price action after a correction period of weeks when XRP had been struggling under solid resistance levels.

XRP was trading at around $2.34, up 4.06% in the last 24 hours at press time.

Despite the SEC’s continued legal action against Ripple, which previously suppressed XRP’s price, sentiment has now become bullish. XRP has proven to be resilient and outperformed many other leading cryptocurrencies over recent months. Investors are most keen on Ripple’s potential for a successful judgment in the ongoing legal process, further validating XRP and paving the way for more institutional adoption.

XRP Price Prediction: Is $10 Within Reach?

XRP has bounced back strongly but must overcome important levels of resistance if the trend is to keep rising. The token is now testing the important levels, and the analysts point out $2.57 as an extremely important level of resistance. Crossing beyond this will trigger a bigger rally and take XRP above $3. Others predict that if the adoption of XRP continues to grow, its price will shoot up to as high as $10 in the near future.

If the lawsuit settles favorably for the company and if the token continues to gain traction among financial institutions, it could lead to a strong rally in the second half of 2024. With the Ripple lawsuit against the SEC concluded, the XRP price is expected to surge past $3, exceed $5, and potentially reach $10.

After a period of stagnation, the cryptocurrency market is showing signs of recovery in 2024. As a result, some experts believe that if the broader crypto market continues to trend upwards, it could boost the price of XRP even higher.

Ripple’s recent achievements, including Dubai licensure and increased usage of the Ripple Ledger for cross-border payments, have raised the utility of the token within the international financial system. Increased adoption of the token together with the broader recovery of the crypto market has seen experts up their XRP price predictions. For example, some analysts, including Thomas Kralow, have suggested that XRP could reach between $8 and $10 by the end of 2025, while more optimistic projections even point toward $18 in the longer term, contingent on widespread banking adoption.

XRP price predictions for 2024 are bullish, with some analysts expecting the token to hit $10 or higher in the long term.

According to Ben Armstrong, CEO of Bitcoins Bankroll, the SEC vs. Ripple case is expected to settle on April 16, according to the Bitwise CEO.

According to a report by CCXV, the integration of XRP into the global financial system is progressing smoothly. Financial institutions are increasingly engaging with Ripple and utilizing its technology for cross-border payments.

Among the financial institutions that have partnered with Ripple are behemoths such as Bank of America, which reportedly began using Ripple’s technology in 2023 for cross-border payments.

The report also notes that the market behavior of XRP has been surprisingly resilient despite outside stimulation in the forms of regulation uncertainty and general market fluctuations.

XRP has even proven to be fairly price-elastic compared to other top cryptos, whereby multiple analysts witnessed XRP thin order book