The path of least resistance for Ripple’s XRP may be on the higher side due to bullish developments within the token’s ecosystem. According to blockchain firm Ripple, the Dubai Financial Services Authority (DFSA) has granted XRP approval for deployment within the Dubai International Financial Centre (DIFC).
XRP joins the ranks of Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) for use by the 4,000-plus firms located in the zone. The distinct legal and regulatory clarity in Dubai is likely to be a boon for XRP. The token will be utilized by organizations located in the DIFC for value exchange, boosting its utility.
XRP’s Impressive Breakthrough In Dubai
Ripple announced on Thursday that XRP has been greenlighted for use in Dubai, allowing licensed institutions in the Dubai International Financial Centre (DIFC) to utilize the crypto coin for faster and more streamlined global value transfers. There are over 4,000 firms located in the special economic zone.
This endorsement by the DIFC will unlock many benefits for XRP, including boosting its reputation after it slipped due to its prolonged legal tussle with the U.S. Securities and Exchange Commission (SEC).
Ripple CEO Brad Garlinghouse celebrated the deployment of XRP into Dubai’s economic ecosystem, citing the consistent pro-innovation stance of Dubai’s regulators.
“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,” Garlinghouse posited in the statement.
He said the recent approval is a testament to Ripple’s dedication and stressed the company’s strategy to focus on regions with clear-cut cryptocurrency regulations.
“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,” Garlinghouse added.
In other related news, XRP bulls had another reason to cheer on Thursday as the National Bank of Georgia tapped Ripple for its Digital Lari pilot project on the XRP Ledger (XRPL).
XRP Going To $3?
XRP, the native token of the Ripple protocol, has gained 0.3% in the past day at the time of writing, trading for $0.604621 per coin, CoinGecko data shows.
The fifth-largest cryptocurrency by market cap is still far below the high of $0.82 it hit in July after a ruling from Judge Analisa Torres partially sided with Ripple over the SEC.
The bullish developments in the XRP ecosystem, coupled with Ripple’s back-to-back court wins, are likely to support the asset’s uptrend. A successful break above $1 will send XRP toward the current all-time high of $3.40 and beyond.