- Ripple announced that it has obtained a license from Dubai’s Financial Services Authority.
- This makes Ripple the inaugural crypto payments provider licensed in the Middle East.
- XRP encountered resistance near the upper boundary of a declining channel as buyers were unable to maintain their momentum.
XRP remained stable around $2.20 on Thursday following Ripple’s announcement regarding its acquisition of a regulatory license from the Dubai Financial Services Authority (DFSA) to provide crypto services within the Dubai International Financial Center (DIFC).
Ripple secures Dubai license to facilitate crypto payments for businesses
Ripple shared that it has successfully obtained a regulatory license from the DFSA in Dubai, allowing it to commence crypto payment services for businesses in the area.
This achievement positions Ripple as the first licensed crypto payments provider by the DFSA.
“We are excited that Ripple is strengthening their presence in Dubai with a DFSA license, making them the first blockchain-enabled payments provider in the DIFC,” stated His Excellency Arif Amiri, Chief Executive Officer of DIFC Authority, in a press release on Thursday.
This license comes after Ripple’s assertion that 20% of its global user base operates within the Middle East.
“We are entering a remarkable phase of expansion for the crypto sector, propelled by increased regulatory clarity globally and rising institutional adoption,” remarked Brad Garlinghouse, Chief Executive Officer of Ripple.
Ripple has previously obtained Money Transmitter Licenses (MTLs) in both New York and Texas, adhering to their stringent regulatory requirements. These licenses enabled Ripple to extend its payment solutions to clients in those states.
Ripple claims to hold over 50 MTLs across the United States along with a portfolio of more than 60 licenses worldwide.
In other news, Ripple appears to be nearing the conclusion of its prolonged legal dispute with the US Securities & Exchange Commission (SEC). This case has reportedly been delayed due to Ripple’s legal team seeking more favorable terms than what the company received from Judge Analisa Torres’ ruling at the district court level in August.
XRP struggles to break through descending channel’s resistance
XRP reported $10.2 million in futures liquidations over the past 24 hours, according to Coinglass data. The total includes $5.15 million in long liquidations and $5.06 million in short liquidations.
XRP attempted to breach the upper boundary of a declining channel after the announcement of its Dubai license but faced rejection as buyers were unable to sustain the bullish momentum.
XRP/USDT daily chart
The upper boundary of the descending channel is reinforced by the 50-day Exponential Moving Average (EMA) and the Simple Moving Average (SMA). Surpassing this channel could enable XRP to break through the $2.72 resistance level.
On the downside, XRP might find support around the psychological threshold of $2.00. The channel’s lower boundary could offer resistance to further declines if the $2.00 support is breached.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are currently below their neutral zones but are trending upward, which suggests that bearish momentum is slowly diminishing.