XRP price continues to hold firmly above the $2 mark, sustaining a 23% weekly gain. Market optimism grows as Ripple secures regulatory approval in Dubai.

Ripple (XRP) Traders Holding 23% Gains This Week, Despite Volatile Market Trends

Ripple (XRP) price surged past the $2.30 mark on Thursday, securing a 23% gain on the weekly timeframe. Despite volatile price action, XRP fluctuated within a 5% range between $2.10 and $2.35 throughout the day. The early US trading session saw a brief rally fueled by softer-than-expected CPI and PPI data, indicating easing inflation.

However, by the close of European trading, market sentiment had shifted as escalating US-Canada trade tensions erased earlier gains.

Ripple (XRP) Price Action

Ripple price dipped another 2% on Thursday, but a closer look at the XRP/USDT weekly price chart suggests that the token has yet to succumb to full bearish control. Trading at $2.34 at press time, XRP remains firmly within its 23% weekly gain range.

Bullish momentum surrounding the anticipated approval of XRP ETFs and its potential inclusion in the US strategic crypto reserve has been a major catalyst for sustained buying activity.

Many investors who acquired XRP during these key developments have held onto their unrealized profits, signaling confidence in further upside. The reluctance to sell suggests that traders may be waiting for confirmation of ETF approval or funding allocations to the proposed crypto reserve under the Trump administration.

Ripple Secures Key Regulatory Approval to Expand Crypto Payment Services in Dubai

On Thursday, Ripple Labs, obtained a regulatory license from the Dubai Financial Services Authority (DFSA), granting it the ability to provide crypto payment services to businesses across the region.

Obtaining operation license in United Arab Emirate, with a GDP of $277 billion, represents a milestone makes Ripple the first blockchain-powered payment provider to receive DFSA authorization, marking a significant step in its global expansion strategy.

“We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC,”

– Arif Amiri, Chief Executive Officer of DIFC Authority

The approval comes amid Ripple’s broader push into international markets, particularly in regions where regulatory clarity is fostering greater institutional adoption. Ripple has reported that approximately 20% of its global user base is located in the Middle East, underscoring the region’s strategic importance.

“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,”

– Ripple CEO Brad Garlinghouse.

This latest achievement follows Ripple’s acquisition of Money Transmitter Licenses (MTLs) in regulatory-heavy US states such as New York and Texas, enabling it to expand payment services in those jurisdictions. Ripple now boasts over 50 MTLs in the United States and holds more than 60 licenses worldwide, solidifying its presence as a leading blockchain-powered payments provider.

XRP Price Forecast: Bulls Defend $2 as Market Eyes Next Breakout

XRP price has held above the critical $2 support level, with technical indicators hinting at a potential bullish continuation.

The XRPUSDT weekly chart below shows a sharp rebound from $1.90, marking a 23.53% recovery after a 27.53% correction. This suggests that buyers have re-entered the market, preventing further downside.

XRP Price Forecast

The Keltner Channel (KC) bands show XRP consolidating within the mid-range, with resistance at $3.32 and support at $2.14. A breakout above the mid-band could confirm a renewed uptrend, while rejection could trigger another retest of lower levels. Parabolic SAR dots remain above the price, indicating lingering bearish pressure, but a flip to the underside could validate bullish momentum.

The Relative Strength Index (RSI) sits at 54.93, just below the overbought zone of 70.86. This signals room for further upside if buyers sustain pressure. However, failure to reclaim $2.35 resistance could lead to consolidation or renewed selling pressure.

The post XRP Price Holds $2 Support as Ripple Enters Dubai’s $277 Billion Market appeared first on CoinGape.

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Filed under: News - @ March 14, 2025 1:24 am