Ripple, a leading provider of digital asset infrastructure, is making significant strides in the cryptocurrency world. The company is expanding its presence in the United Arab Emirates (UAE) and exploring new opportunities in the United States.
In a major development, Ripple recently secured in-principle approval from the Dubai Financial Services Authority (DFSA). This approval allows Ripple to offer its services from the Dubai International Financial Centre (DIFC), marking a substantial step in the company’s Middle Eastern expansion.
With this DFSA authorization, Ripple can now introduce its cross-border payment services in the UAE, including Ripple Payments Direct (RPD). These services aim to help businesses send money across countries faster and more cost-effectively.
Brad Garlinghouse, Ripple’s CEO, highlighted the UAE’s forward-thinking approach, stating, “The UAE is positioning itself as a global leader in this new era of financial technology.”
This sentiment underscores Ripple’s strategic choice to expand in the UAE, a country known for its clear regulatory framework for crypto companies.
Ripple Could See XRP ETFs Launch in the US
While Ripple strengthens its foothold in the UAE, there’s also noteworthy news from the United States. Bitwise, a crypto-focused asset manager, has registered an XRP exchange-traded fund (ETF) trust in Delaware.
An XRP ETF, if approved, would allow more investors to gain exposure to XRP without directly purchasing the cryptocurrency, potentially bringing increased liquidity and attention to the asset.
However, it’s crucial to note that this registration is just an initial step. Bitwise still needs approval from the U.S. Securities and Exchange Commission (SEC) before launching an XRP ETF, a process that could take several months.
This development follows Ripple’s partial victory in its long-standing legal battle with the SEC. In July 2023, a judge ruled that XRP is not inherently a security when sold to the public, providing a significant boost to Ripple and XRP holders.
Ripple’s expansion in the UAE and the potential for an XRP ETF in the US demonstrate the company’s global ambitions. The firm now holds over 55 licenses worldwide, including approvals from regulators in Singapore, New York, and Ireland, showcasing its commitment to regulatory compliance across different jurisdictions.
Furthermore, Ripple is fostering innovation partnerships in the UAE, collaborating with the DIFC Innovation Hub and New York University Abu Dhabi to support blockchain research and development. These initiatives, coupled with the DFSA approval, enable Ripple to offer its full range of payment services to an expanded customer base in the UAE.
Ripple’s strategic moves position the company as a bridge between traditional finance and the cryptocurrency world. This approach could have positive implications for XRP, the cryptocurrency associated with Ripple. The potential for an XRP ETF and Ripple’s expansion in the UAE may drive increased demand for XRP.
How Is XRP Faring?
XRP is on a bearish trajectory after suffering a rejection from the $0.6650 mark in late September. This, coupled with a fresh bearish wave sweeping the market, is pushing the cryptocurrency toward the $0.5500 support level or lower. Plus, the recent positive news around Ripple and its expansive moves failed to make any dent on the overall sentiment around XRP.
In that case, a drop towards the $0.5500 mark appears likely in the near term, followed by a push for the $0.5000 round figure, but only if the $0.5760 mark (the 50-day moving average) is broken.
However, given how October is typically seen as a bullish month for the market, this bearish trend might only persist for a short while before we see a retest of the $0.6650 mark again.
XRP Statistics Data
XRP Current Price: $0.5890
Market Cap: $33.3B
XRP Circulating Supply: 56.5B
XRP Total Supply: 100B
Market Ranking: #7
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