By Chris Hollingworth 
XRP Price Eyes Breakout After Ripple’s Middle East License
XRP’s price is poised for a potential breakout from a classic chart pattern following Ripple’s acquisition of its first-ever license in the Middle East. The XRP price chart suggests the possibility of a 46% gain.
Since reaching a seven-year high of $3.40 on Jan. 16, XRP has been consolidating within a descending triangle pattern. After finding support at $2.00, the XRP/USD pair has been forming higher lows over the past four days, approaching the upper trendline.
Currently testing the triangle’s upper trendline at $2.30, a close above this level could signal a rally towards the $3.00 psychological level. Further upside targets include resistance at $3.27 and the multi-year high at $3.40, potentially leading to a 30% to 46% increase.
Crypto analyst CrediBull Crypto noted that XRP’s drop below $2.00 levels presented an attractive entry point for buyers aiming for profits around $3.40.
Ripple Secures Regulatory Approval in Dubai
On March 13, Ripple announced that it had obtained approval from the Dubai Financial Services Authority, becoming the first blockchain payments provider licensed in the Dubai International Financial Centre (DIFC).
This regulatory milestone marks Ripple’s entry into the Middle East market, allowing the company to offer regulated crypto payment services in the UAE. The approval enables Ripple to access the UAE’s significant remittance and international trade markets, valued at $40 billion and $400 billion, respectively.
Following the announcement, XRP’s price surged 6% from $2.21 to $2.34 on March 11, reflecting positive market sentiment. Commentator Vincent van Code highlighted the significance of Ripple’s DFSA license, positioning the company as a leader in regulated crypto payments within the UAE’s cross-border market.
Potential Resolution of SEC Case
Another potential driver for XRP’s price is the potential resolution of Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has been pursuing Ripple since 2020 over allegations of unregistered XRP sales.
A key development in the case was a July 2023 ruling that deemed XRP not a security for retail sales but fined Ripple $125 million for institutional violations. Recent reports suggest that both parties may be considering dropping their appeals, with Ripple seeking more favorable terms amid a perceived shift in the SEC’s regulatory priorities under new leadership.
Fox Business’s Eleanor Terret reported that the SEC’s case against Ripple is nearing conclusion, with potential implications for the broader crypto industry. The SEC’s evolving stance on crypto enforcement, possibly aligned with a more lenient regulatory approach, could impact Ripple’s future prospects and the overall regulatory landscape.
Stay tuned for further updates on XRP’s price movements and Ripple’s regulatory developments as the market continues to evolve.
