Ripple gains ground in Dubai: Could XRP ETFs be next in line?

VARA’s XRP approval boosts Dubai’s global fintech leadership and cross-border payment capabilities.
Analyst predicts XRP’s market cap could reach $500 billion, driving significant growth.

As an analyst, I’m excited to share that I’ve just learned about Dubai’s Virtual Assets Regulatory Authority (VARA) giving the green light for the use of Ripple [XRP] cryptocurrency within their jurisdiction. This move places Dubai at the forefront of financial technology innovation, trailblazing a path for others to follow in the realm of digital assets.

This allows XRP to facilitate seamless international money transfers through the emirate.

Dubai’s XRP integration

Known for its speed and affordability, XRP is poised to transform cross-border money transfers by providing significant advantages to both businesses and individuals.

As an analyst, I can affirm that by consistently upholding a strong regulatory structure, I’m proud to be part of Dubai’s ongoing commitment to fostering the seamless integration of innovative financial technologies.

In other words, Dubai’s forward-thinking approach towards blockchain technology and cryptocurrencies keeps attracting international investors and financial entities. Consequently, it strengthens its position as a pioneer in the digital economic sphere.

As a crypto investor, I can’t help but feel empowered by the recent approval from VARA. This endorsement not only bolsters my faith in the use of digital currencies for global commerce, but it also resonates with the ongoing advancements we’re seeing within the cryptocurrency sector as a whole.

Is XRP ETF the reason behind Dubai’s XRP initiative?

It’s worth noting that this occurred around the time when Nate Geraci, President of ETF Store, predicted that Ripple-based ETF products were about to secure regulatory approval imminently.

The submission of Canary Capital’s XRP ETF proposal in October 2024 has significantly altered the terrain, motivating additional financial institutions to join the rapidly developing crypto ETF sector. This move suggests an innovative and potentially groundbreaking year for Ripple lies ahead.

Moreover, in a recent conversation with Bloomberg, Ripple’s President, Monica Long, highlighted that XRP Exchange Traded Funds (ETFs) could potentially follow the path of U.S. Bitcoin [BTC] and Ethereum [ETH] ETFs, marking a significant future development.

This year, we’re expecting an increase in approved spot cryptocurrency ETFs within the U.S. Personally, I anticipate that XRP could potentially be the next digital currency to follow Bitcoin and Ethereum on these platforms.

XRP price action and way forward

As an analyst, I must admit that despite my initial optimistic outlook, it seems XRP has encountered some challenges in its price movement today. At the moment, CoinMarketCap reports a 2.63% dip and a current value of $2.45 for this altcoin.

Despite current circumstances, there’s a possibility that things could significantly improve. Prominent analyst Peter Brandt predicts an impressive spike in XRP’s market capitalization, which might escalate to an astounding $500 billion—representing a massive 262% growth.

If realized, this would propel XRP’s value to an estimated $8.70, based on its current price.

According to Brandt’s perspective, the potential for XRP to experience a significant increase is supported by the emergence of a ‘flag’ pattern in its chart analysis. This could signal an upcoming surge in XRP’s value.

Hence, he put it best when he said,

As a researcher, I’m suggesting that if half-mast flags aren’t returned to their full position within approximately six weeks, it warrants significant scrutiny. However, if the situation resolves and the flags are raised again, there’s a possibility that the market capitalization could reach an impressive $500 billion.

2025-01-13 15:03

Dubai’s XRP integration

Is XRP ETF the reason behind Dubai’s XRP initiative?

XRP price action and way forward

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