The Virtual Assets Regulatory Authority (VARA) in Dubai has given the green light for the use of Ripple’s XRP cryptocurrency, cementing Dubai’s position as a frontrunner in financial technology innovation.
This approval paves the way for XRP to streamline international money transfers within the emirate.
Integration of XRP in Dubai
Known for its efficiency and cost-effective transactions, XRP stands ready to transform cross-border payments, providing significant advantages for businesses and individuals.
By establishing a strong regulatory framework, Dubai is leading the charge in embracing cutting-edge financial technologies.
With its forward-thinking approach to blockchain and cryptocurrency, Dubai continues to attract global investors and financial institutions, strengthening its position as a digital economy leader.
The recent VARA approval not only boosts confidence in using cryptocurrencies for international trade but also aligns with broader advancements in the crypto industry.
The Role of XRP ETF in Dubai’s XRP Initiative
Coinciding with this, ETF Store President Nate Geraci has suggested that spot XRP ETF products are on track to receive regulatory approval soon.
The filing of Canary Capital’s XRP ETF in October 2024 has already made waves, inspiring other asset managers to join the growing crypto ETF ecosystem, signaling an exciting year ahead for Ripple.
In a recent interview with Bloomberg, Ripple President Monica Long indicated that XRP ETFs are poised to follow the lead of U.S. spot Bitcoin and Ethereum ETFs as a significant milestone.
“We’ll see more spot crypto ETFs this year from the US. I think XRP is likely to be the next in line after Bitcoin and ETH.”
Analysis of XRP Price Trends and Future Prospects
Although there is optimism surrounding XRP, the cryptocurrency has faced some challenges in terms of price movement. Currently, XRP has experienced a 2.63% decline and is valued at $2.45 according to CoinMarketCap.
However, there are expectations for improvement in the future. Esteemed price chart analyst Peter Brandt has predicted a significant surge in XRP’s market cap, potentially reaching $500 billion—an impressive 262% increase.
If this forecast materializes, XRP’s value could rise to around $8.70 based on its current price.
Brandt’s bullish forecast is based on the observation of a flag pattern on the charts, indicating that XRP could be poised for a substantial upward movement soon.
He emphasized the importance of completing the flag pattern within six weeks for a positive outcome, stating:
“Half mast flags should complete within six weeks, otherwise they should be viewed with great suspicion. But if it completes, then market cap of $500 B is possible.”