XRP is in the spotlight as new trends within the Ripple Labs ecosystem have triggered a renewed adoption for the coin, helping it form support at the $2 price mark
The Dubai Financial Services Authority (DFSA) license secured by blockchain payments firm Ripple Labs draws positive sentiment into the crypto ecosystem, specifically for XRP. Likely fueled by this milestone, XRP’s price is above $2. At the time of this writing, it traded at $2.30, corresponding with a 2.66% uptick within the last 24 hours.
XRP Sustains 23% Weekly GainÂ
According to CoinMarketCap data, XRP has successfully sustained a weekly gain of about 23%.Â
On March 13, the coin still experienced fluctuations within a 5% range between $2.10 and $2.35 throughout the day, even amid volatility. This sentiment has contributed immensely to increasing market optimism and Ripple’s new win in Dubai.
The new license gives Ripple the legal grounds to offer its crypto services to businesses and individuals in Dubai. Ripple is the first blockchain-powered payment provider to receive DFSA authorization. It is pushing into international markets, especially regions with regulatory clarity that fosters greater institutional adoption.
Ripple CEO Brad Garlinghouse acknowledged the importance of regulatory clarity in driving institutional crypto adoption. As a result, he praised the UAE’s proactive approach to enabling an innovation-friendly environment.
XRP Market Sentiment and Future OutlookÂ
The softer-than-expected CPI and PPI data led to a slight rally in the US trading session. This indicates an easing of inflation; hence, the market sentiment showed some improvement, although it was short-lived.Â
Not long after, XRP recorded a price dip, but it has yet to succumb to full bear control as it remains within the 23% weekly gain.
In the meantime, the buying activity surrounding XRP is catalyzed by the potential of an XRP Exchange Traded Fund (ETF) in the US. Furthermore, the probability that President Donald Trump’s administration will add the coin to the US strategic crypto reserve is also a catalyst for this buying activity.Â
Investors and traders are quite optimistic about the future of XRP, and because of this, they hold onto their unrealized profits. Several of them have refused to sell their XRP holdings, reflecting strong confidence in further upside than could be triggered by XRP ETF approval or the strategic reserve.
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