Major Announcement From Ripple (XRP): What Are the Implications?
TL;DR
- The Dubai Financial Services Authority (DFSA) has approved the use of Ripple’s XRP cryptocurrency within the Dubai International Financial Centre (DIFC), enabling digital asset companies to incorporate XRP into their services.
- The approval coincides with Ripple’s positive developments in its ongoing legal battle with the SEC and has contributed to a 12% increase in XRP’s price over the last two weeks, with the coin currently trading at $0.60.
- Speculations on XRP’s future price vary widely, with some analysts predicting as high as $220 per coin, while others expect more conservative increases to $0.90-$2 by mid-2024; Ripple reaffirms its commitment to XRP, emphasizing its significant potential valuation increase tied to the outcome of the SEC trial.
Ripple Labs recently announced that The Dubai Financial Services Authority (DFSA) approved XRP for use within the Dubai International Financial Centre (DIFC) —the leading financial hub in the Middle East.
This news means that digital asset firms like exchanges will be able to integrate the coin into their services.
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.
Learn more: https://t.co/JNcd4ROhoI
— Ripple (@Ripple) November 2, 2023
The announcement, alongside the latest news on XRP marching towards a decisive victory against the SEC, boosted the price of the token this week, which is currently trading at $0.60. The coin has been up around 12% in the last two weeks, according to data from TradingView.
Brad Garlinghouse, who alongside Chris Larsen got cleared of all charges, stated that Ripple will double down its presence in Dubai and looks forward to working with regulators to “realize crypto’s full potential.”
“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.”
Get Your Popcorn Ready for the Price Wars
Most traders and analysts are ready to weigh in and position themselves for the next price target. We’ve seen outrageous price predictions in the past few days; analysts like CryptoBull predict $220 per coin, while others like CrediBULL take a more conservative stance and aim for $0.90 and $2 by mid-2024, April 23 the date for the Ripple vs the SEC trial.
John E. Deaton, a lawyer and cryptocurrency enthusiast, recently weighed in about the importance of the trial and said Ripple will never abandon XRP because, according to him, the company has a “fiduciary duty not to.”
“If XRP reaches $2, Ripple has an asset valued at $100B. You get the picture.”
As I’ve said for more than 3 years, Ripple is not going to abandon #XRP. It has a fiduciary duty not to.
Do the math:
2015: Series A valuation – $128M
2016: Series B valuation- $410M
2020: Series C valuation- $10B2022: Series C Buyback valuation – $15B
Last year, Ripple… https://t.co/xnMUqjcQS8
— John E Deaton (@JohnEDeaton1) November 2, 2023
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