Ripple announced on Thursday that it has secured a key license from the Dubai Financial Services Authority (DFSA), allowing it to legally offer crypto payment services using XRP in the region.
This marks the first time a blockchain company has received approval to operate such services within the Dubai International Financial Centre (DIFC), strengthening Ripple’s foothold in the Middle East.
XRP has gained 2.4% in the past 24 hours amid the news and currently stands at $2.32. The token is the best-performing crypto in the top 5 not just today but also this year and it is the only one that is still producing positive returns since the year started.
Ripple’s trading volumes have stood relatively unchanged as volatility in the crypto markets appears to be subsiding after last week’s sharp sell-off.
However, market sentiment is still heavily depressed as the Fear and Greed Index currently stands at 18, meaning that investors are still in “Extreme Fear”.
XRP Could Rise to $10 if It Breaks This Resistance Level
XRP is currently trading 39.6% below its all-time high of $3.84, set seven years ago. Earlier this year, the token came close to revisiting that peak, surging to $3.40 on January 16.
However, the Federal Reserve’s hesitation to cut interest rates and Donald Trump’s aggressive trade policies have weighed on the broader crypto market, stalling further gains.
Despite this, XRP has remained resilient amid the crypto downturn that began in December and could still emerge as one of the best-performing assets of the year.
On Monday, XRP rebounded from a key support zone between $1.75 and $1.90, marking its fourth consecutive session of gains. Momentum indicators are also showing signs of improvement.
The Relative Strength Index (RSI) has just flashed a buy signal, crossing above the signal line, while the MACD histogram is on track to post its first positive reading in over a week.
To confirm a full trend reversal, XRP needs to break above $2.65 on the daily chart. A successful breakout could push the token toward $3 in the near term and $10 if the adoption of XRP takes off.
While XRP’s price action unfolds, investors are also eyeing Solaxy ($SOLX), a new Solana layer-two scaling solution designed to tackle network congestion.
Solaxy ($SOLX) Raises Solve Solana’s Congestion Issues
In January, the launch of $TRUMP and $MELANIA caused network congestion on Solana, leading to delays and transaction errors as the blockchain struggled to handle the surge in activity.
Solaxy (SOLX) addresses this issue with a layer-two protocol that eases the mainnet’s load by bundling transactions off-chain, improving efficiency and scalability.
The development team has already completed successful tests on asset transfers and is currently in talks with top wallets and exchanges to secure support for Solaxy upon launch.
As the protocol’s utility token, $SOLX is expected to see strong demand as Solaxy gains adoption, providing a faster and more cost-effective way to transfer Solana tokens.
At its discounted presale price of $0.001662, $SOLX presents a compelling opportunity for early investors looking to capitalize on its future growth.
To buy $SOLX, simply head to the Solaxy website and connect your wallet (e.g. Best Wallet).
You can either swap SOL, ETH, or USDT, or use a bank card to make your investment.
The post Can Ripple’s Dubai License Send XRP Soaring to $10? appeared first on Cryptonews.
