Ripple has achieved a major milestone by securing a Dubai Financial Services Authority (DFSA) license, granting it official approval to offer crypto payment services in the UAE. This marks its first regulatory success in the Middle East, positioning Dubai as a key hub in Ripple’s global expansion strategy. The move aligns with the city’s vision of fostering a transparent and structured crypto ecosystem, strengthening its status as a $400 billion financial powerhouse.
Brad Garlinghouse, CEO of Ripple, hailed the regulatory clarity in the UAE as a game-changer, emphasizing the region’s leadership in supporting blockchain innovation. The license enables Ripple to provide seamless cross-border payment solutions within Dubai’s International Financial Centre (DIFC), a zone known for progressive financial regulations.
XRP Gains Strength as SEC Lawsuit Nears Conclusion
Ripple’s expansion into Dubai comes at a crucial time, as the U.S. SEC nears a resolution in its long-standing lawsuit against the company. The case, which has clouded XRP’s regulatory status since 2020, could soon reach a conclusion, bringing much-needed clarity to investors. As a result, XRP has seen renewed bullish momentum, trading at $2.32 with a 4.64% increase in the last 24 hours.
Beyond legal battles, XRP’s market dominance has surged to its highest level since 2020, outpacing most altcoins. The token’s market cap dominance has risen from 1.7% to 5.17% over the past year, reflecting growing adoption and strong capital inflows. Compared to Ethereum, which saw its dominance shrink from 17% to 8%, XRP has gained significant ground, reinforcing its position as a top-performing asset.
Can XRP Challenge Bitcoin and Ethereum?
With the broader altcoin market struggling, XRP has emerged as a dominant force. Bitcoin’s market share is at its highest since April 2021, but XRP’s resilience has helped it outperform many competitors. The asset’s risk-adjusted returns have also improved, making it an attractive choice for investors seeking stability amid market volatility.
If XRP maintains its upward trajectory, it could be on track to reclaim its $3 peak, challenging Ethereum and even Bitcoin in market dominance. With regulatory clarity improving, Ripple’s global expansion and increasing adoption could further cement XRP’s status as a major player in the crypto space.