XRP Price Stays Flat as Ripple Secures a License to Offer Crypto Payments in UAE

The XRP price is relatively stable this week as $2.20 is now set as a strong support level. After hitting a monthly high at the beginning of March at $2.93

The price of XRP, a cryptocurrency used by the payments technology firm Ripple, has remained relatively flat this week as the token now finds strong support at the $2.20 level.

After setting a monthly high at the beginning of March at $2.93, the token has not performed optimally.

However, should XRP holders be concerned about this? Most likely not, and here’s why.

The whole cryptocurrency market has been rather sluggish since the beginning of February. Relative to other top altcoins, XRP has performed quite well. In the last 30 days, Ethereum (ETH) has lost over 30%, while XRP has decreased by 11% and has seen some periods of recovery.

Moreover, Ripple continues to make advancements and strive for the adoption of crypto and XRP.

First Middle East License For Crypto Payments Goes To Ripple

The financial watchdog in Dubai has granted permission to Ripple to provide crypto payments within the Dubai International Finance Centre. This makes Ripple the first blockchain payments company to receive a license from the DFSA.

It’s the company’s initial license in the Middle East, allowing them to offer their global payments service to businesses in the UAE. Over several years, Ripple has been building relationships in the region.

“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Brad Garlinghouse, CEO of Ripple. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”

The UAE has a vast cross-border money market, with an estimated $40 billion. This factor contributes to Ripple’s strong interest in expanding within the region. Banks and crypto firms in the Middle East are seeking more efficient methods to send funds internationally without encountering high fees or significant delays.

According to a survey conducted by Ripple, the majority of finance leaders in the region prioritize faster payments and desire shorter settlement times when cross-border transfers are carried out using blockchain technology.

Ripple established a presence in Dubai in 2020. Approximately 20% of Ripple’s clients already engage in business activities in the Middle East. The region appears prepared for cryptocurrency adoption, with the majority of financial leaders expressing confidence in integrating blockchain into their organizations.

Reece Merrick, who heads Ripple’s operations in the Middle East and Africa, highlights Dubai’s creation of favorable regulations for digital assets. Merrick believes that the license will facilitate better service to customers who require faster and less expensive cross-border money transfer solutions.

In the U.S., the company has already obtained approval from New York and several states. In total, this marks over 60 authorizations for Ripple’s technology around the world. The company is continuously working to bring blockchain technology to financial services on a global scale.