Ripple Secures Dubai License, XRP Gains 2.4%

Ripple has secured a significant milestone by obtaining a license from the Dubai Financial Services Authority (DFSA). This license allows Ripple to offer crypto payment services using XRP within the Dubai International Financial Centre (DIFC). This development marks the first instance of a blockchain company receiving such approval in the region, solidifying Ripple’s presence in the Middle East.

The license is expected to boost the demand for XRP and RLUSD, Ripple’s stablecoin. The regulatory approval from the DFSA is a crucial step for Ripple, as it enables the company to provide fully regulated cross-border crypto payments in the United Arab Emirates. This move is anticipated to enhance Ripple’s market position and potentially drive the value of XRP higher.

XRP has shown resilience in the face of broader market downturns, remaining one of the top-performing cryptocurrencies this year. Despite recent market volatility, XRP has managed to maintain positive returns since the beginning of the year. The token is currently trading at $2.32, reflecting a 2.4% gain in the past 24 hours.

Market sentiment remains cautious, with the Fear and Greed Index standing at 18, indicating that investors are still in a state of “Extreme Fear.” However, XRP’s recent performance suggests that it could be poised for further gains. The token is currently trading 39.6% below its all-time high of $3.84, set seven years ago. Earlier this year, XRP surged to $3.40, coming close to revisiting its peak.

To confirm a full trend reversal, XRP needs to break above the $2.65 resistance level on the daily chart. A successful breakout could push the token toward $3 in the near term and potentially reach $10 if the adoption of XRP accelerates. This potential price surge is contingent on several factors, including market conditions and regulatory developments.

Investors are also keeping an eye on Solaxy ($SOLX), a new Solana layer-two scaling solution designed to address network congestion. The launch of $TRUMP and $MELANIA in January caused significant delays and transaction errors on the Solana blockchain, highlighting the need for improved scalability. Solaxy aims to tackle this issue by bundling transactions off-chain, enhancing efficiency and scalability.

The development team behind Solaxy has successfully completed tests on asset transfers and is currently in discussions with top wallets and exchanges to secure support for the protocol upon its launch. As the utility token for Solaxy, $SOLX is expected to see strong demand as the protocol gains adoption, providing a faster and more cost-effective way to transfer Solana tokens.

At its discounted presale price of $0.001662, $SOLX presents an attractive opportunity for early investors looking to capitalize on its future growth. The protocol’s utility token is poised to benefit from increased adoption and usage, potentially driving its value higher in the coming months.