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Ripple secures in-principle approval to expand services in UAE

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Ripple has received in-principle approval from the Dubai Financial Services Authority to enhance its cross-border payment solutions in the Middle East.

Ripple is expanding its international presence by securing in-principle approval from the Dubai Financial Services Authority to broaden its operations from the Dubai International Financial Centre.

With the latest milestone, Ripple said in an Oct. 1 blog announcement it can now launch Ripple Payments Direct service in the United Arab Emirates, facilitating seamless cross-border payments. With DFSA authorization, Ripple plans to extend its enterprise-grade digital asset infrastructure to a “broader customer base in the UAE.”

“With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”

Brad Garlinghouse, Ripple CEO

The approval from the DFSA comes as part of Ripple’s broader strategy to collaborate with regulators globally, integrating blockchain into existing financial frameworks. Besides Dubai, Ripple holds over 55 licenses worldwide, including from Singapore’s Monetary Authority and New York’s Department of Financial Services.

Reece Merrick, managing director for Ripple in the Middle East and Africa, noted that over 20% of Ripple’s global customer base is located in the UAE, expressing enthusiasm for supporting the UAE’s ambition to become a global crypto and fintech hub. However, despite the latest development, (XRP) price has dipped 3.3%, trading at $0.62 as of press time.

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Theo Crypto News

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XRP nears crucial price as triangle pattern points to a 60% jump

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Ripple, the popular payment-focused cryptocurrency, is nearing a crucial level ahead of the upcoming RLUSD stablecoin launch.

Ripple (XRP) was trading at $0.5850 on Tuesday, Sept. 17, where it has remained for the past few months, giving it a market cap of over $32 billion.

The next big catalyst for the XRP price will be the launch of its stablecoin, RLUSD, which will be backed 1:1 by the U.S. dollar.

Ripple hopes the stablecoin will become a significant player in an industry that has attracted over $172 billion in assets.. Tether (USDT), the largest stablecoin globally, holds over $118 billion in assets. It also generates billions of dollars in revenue, making it more profitable than BlackRock, a company with over $10.7 trillion in assets.

Ripple’s biggest challenge will likely be the competitive nature of the stablecoin industry, where Tether has become highly dominant. Other popular stablecoins Ripple will compete with include (USDC), Dai, and PayPal’s PYUSD. 

XRP price will also likely react to the upcoming Federal Reserve decision, which could drive more demand for risky assets. Ripple has historically performed well when the Fed has taken a dovish stance. It surged to a record high of $2.00 in 2021 when the Fed slashed interest rates to zero due to the pandemic. However, it dropped by over 60% in 2022 as the Fed hiked rates.

XRP price nears a crucial level

XRP price chart | Source: TradingView

Technically, Ripple has traded sideways over the past few months. This price action has resulted in the formation of a symmetrical triangle pattern, connecting its highest swing since November 2021 and its lowest levels since June 2022.

The two lines of the triangle are now nearing a confluence point. XRP has also moved slightly above the 50-week and 200-week exponential moving averages, while the accumulation/distribution indicator is pointing downward. It has also formed a bullish flag on the monthly chart.

Therefore, Ripple is likely to make a significant move in the next few weeks. A volume-supported breakout above the upper side of the triangle could push it to the psychological level of $0.9315, its highest swing in July 2023, which is 60% above the current level.

Conversely, a strong drop below the lower side of the triangle could see it fall to the next support point at $0.2900, its lowest swing in June 2022 and 50% below the current level.

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Theo Crypto News

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XRP price could ‘explode like a volcano’ soon – analyst

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XRP has seen a solid performance this week, rising for two consecutive days and reaching its highest level since Aug. 9.

Ripple (XRP) climbed to $0.60, marking an almost 60% recovery from its crypto Black Monday low of $0.3817. This rebound makes XRP the best-performing top ten cryptocurrency since the market crash in early August.

Some analysts are optimistic about XRP’s future prospects. In a post on X, JackTheRippler highlighted a technical chart showing Ripple’s historical price action and suggested that the token could “explode like a volcano” if history repeats itself.

Another technical analyst, JD, pointed out that XRP had formed a golden cross, a technical pattern often associated with large gains. This cross, which occurs when an asset’s 50-day and 200-day moving averages intersect, appeared on Ripple’s chart on Aug. 6.

Ripple’s SEC ruling and RLUSD stablecoin launch

Ripple Labs recently secured a favorable outcome in its long-running legal battle with the Securities and Exchange Commission. Judge Analisa Torres ordered the company to pay a $125 million fine, significantly less than the $2 billion the SEC had sought.

This ruling could pave the way for companies like BlackRock, Franklin Templeton, and Fidelity to file for a spot Ripple ETF. Such an ETF would be notable, given that the SEC recently rejected applications for Solana (SOL) ETFs, citing security concerns.

A Ripple ETF could make sense, as XRP is the seventh-largest cryptocurrency with a market cap of over $33 billion and trading volumes exceeding $1.4 billion. Unlike Ethereum (ETH), Ripple does not offer staking, meaning that investors would only lose the expense ratio.

However, Ripple’s long-term performance has been lackluster, with the coin still 70% below its all-time high of $1.96, potentially making it less attractive to ETF issuers. Additionally, the XRP Ledger has shown limited traction among developers, with only $275,000 in assets. 

XRP bulls are also looking forward to the upcoming RLUSD stablecoin, which is currently in beta testing. RLUSD will be a regulated stablecoin pegged to the US dollar on a 1:1 basis.

The risk here is that the stablecoin may not gain traction because of Tether’s (USDT) dominance. For example, PayPal’s PYUSD and Tron’s USDD have only $746 million and $871 million in market cap, showing how difficult it is to gain market share.

XRP could further benefit from macroeconomic factors, such as the anticipated Federal Reserve rate cut and the ongoing decline of the US dollar. The US dollar index has fallen to 101.7 from its year-to-date high of 106, a trend that typically bodes well for risky assets like cryptocurrencies.

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Theo Crypto News

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Ripple begins testing RLUSD stablecoin on Ethereum and XRP

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XRP issuer Ripple is advancing on stablecoin plans after CEO Brad Garlinghouse teased the idea during Consensus 2024.

Ripple (XRP) has begun work on a fiat-pegged token called the Ripple USD, or RLUSD, as the company eyes a $160 billion stablecoin market currently dominated by Tether (USDT). The digital payment titan said private beta testing started on XRP’s ledger and the Ethereum mainnet, crypto’s second-largest blockchain by market cap.

At Consensus 2024, Garlinghouse told attendees that the stablecoin market had a high ceiling and could become a $3 trillion industry before 2030. Ripple president Monica Long also indicated that XRP would likely launch its stablecoin token this year.

An Aug. 9 announcement said RLUSD will operate as a U.S. dollar-backed token in a 1:1 ratio. The firm plans to use cash deposits, treasuries, and cash equivalents as reserves. Ripple also pledged to release monthly attestations and use a third-party accounting firm for audits. The official statement suggests a move toward regulatory compliance and approval.

Ripple to enter stablecoin industry

Entering the stablecoin market means competing directly with incumbents like Tether and Circle’s USD Coin (USDC), even if Ripple’s CEO stressed that there is ample room for all players to grow.

Specifically, Circle has demonstrated the ability to comply with comprehensive stablecoin regulations in Europe. Circle is also poised for an initial public offering in America and could become the first stablecoin company to list shares.

U.S. policymakers are mulling stablecoin regulations that could greenlight bank participation in the space. Legislators like Patrick McHenry and Maxine Waters have reportedly made progress toward such a bill.

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Theo Crypto News

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XRP price cheers Ripple vs SEC verdict, but brace for a reversal

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Ripple price staged a strong comeback this week after the developers won an important case in the United States.

Ripple’s big win vs SEC

Ripple (XRP) token rose for the third consecutive day and reached a high of $0.6430, 48% above its lowest point this month and 70% higher than its July low. 

In a US court ruling, the judge overseeing the well-followed case ordered the company to pay a $125 million fine, much lower than the $2 billion that the SEC was seeking. 

The court also placed an injuction on Ripple against doing some activities. In a statement, Attorney Jeremy Hogan, who has followed the case well, noted that it was a ‘big win’ for Ripple.

He also clarified other parts of the ruling, noting that Ripple can still sell most of its XRP and ODL tokens since they are not under the jurisdiction of the US. It can also sell XRP to institutions as long as it does so under an exemption to the registration.

Ripple’s big win triggered upside among other altcoins since it signals that they have a winning chance if the SEC sues. Just recently, the SEC backed down on claiming that cryptocurrencies like Solana (SOL), Cardano (ADA), and Polygon (MATIC) were securities in an ongoing case against Binance.

The most directly affected token in Ripple’s ruling was Stellar Lumens (XLM), a popular cryptocurrency with a market cap of almost $2 billion. Ripple and Stellar have a similar goal of solving the cash remittance issue by partnering with major institutions. Stellar’s founder, Jed McCaleb, was a Ripple co-founder. 

XRP price could suffer a harsh reversal

Despite the ongoing excitement about the Ripple vs SEC ruling, there is a risk that XRP could suffer a reversal in the coming days.

Since a potential settlement between Ripple and SEC was expected, there is a chance that traders will start selling the news. 

A good example of this is what happened when the initial ruling came out in June last year. At the time, the XRP price rose from $0.47 to a high of $0.9322. This rebound turned into a bull trap as the token resumed its downward trend and reached a low of $0.382 in July. 

XRP price will need to rise above the key resistance point at $0.6586 (July 31 high) to continue its uptrend. Moving above that level will invalidate a double-top pattern whose neckline is at $0.3812. It will also raise the possibility of the token rising by 23% to $0.7490.

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Theo Crypto News

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Analyst: ‘undervalued’ Stellar Lumens price is ripe for a comeback

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Stellar Lumens price has risen for two consecutive days, and some crypto analysts expect it to continue its comeback.

Stellar (XLM) was trading at $0.105 on Wednesday, up by 6% from its lowest point this month and by 36% from its July low.

XLM price chart | Source: crypto.news

Ripple (XRP) and Stellar have similar origins and goals. Stellar was established by Jed McCaleb, a computer programmer who served as Ripple’s Chief Technology Officer. Stellar is now mostly known for its partnership with Circle, the creator of USD Coin. Data by Circle shows that the total supply of USDC in Stellar stood at $228 million on July 31.

Stellar has also partnered with MoneyGram in a deal that lets USDC recipients access their cash in thousands of its locations globally.

Additionally, Stellar powers Franklin Templeton’s OnChain U.S Government Money Market Fund, which has accumulated over $402 million in assets. FOBXX is a tokenized fund similar to Blackrock’s BUIDL that aims to provide holders with regular income.

Some crypto analysts believe that Stellar Lumen’s has more upside to go. In an X post, Jonathan Morgan, the lead crypto analyst at Stocktwits, noted that Stellar was one of the most undervalued cryptocurrencies in the market. The other two were Algorand (ALGO) and Zcash (ZEC).

In another X post, Cryptosahintas, an analyst with over 155,000 followers, predicted that the XLM price would rise to $0.73. If this happens, it will imply a 600% increase from the current price.

XLM price needs to clear key resistance levels

Stellar price chart | Source: TradingView

For this Stellar forecast to work out, the token will need to flip the key resistance point at $0.1125 (July high) into support. It should then rise above the year-to-date high of $0.1626, which is about 55% above its Wednesday’s trading level.

On the positive side, this price action is possible since the token formed a falling wedge chart pattern between March and July. A falling wedge is one of the most popular signs in the financial market. 

However, fundamentally, Stellar has some key issues. Its Soroban blockchain platform has gained little traction among developers. It has attracted just 6 Decentralized Finance developers and $11.70 million in total value locked.

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Theo Crypto News

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XRP price could have a ‘mega breakout’ soon, analyst says

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Ripple price has held steady this week as crypto analysts predict a big comeback in the coming days.

Ripple (XRP) was one of the top-performing cryptocurrencies on Tuesday as traders focused on the Bitcoin movements by the US government. Data by Arkham showed that the government moved Bitcoin worth $2 billion into a custodial account. 

Therefore, Bitcoin price retreated from $70,000 to $66,000 as these movements brought memories of the recent selling by the German government, which liquidated coins worth $5 billion this month.

The US is a bigger Bitcoin holder than Germany. Data shows that the Federal government holds over 220,000 coins valued at over $15 billion. As such, a move to liquidate these coins would have an impact on the crypto market.

Some crypto traders are extremely bullish on Ripple, a coin that has been a top laggard in the past few years. XRP is down by 12% in the past 12 months while Bitcoin (BTC) and Ethereum (ETH) rose by 127% and 80%, respectively.

In an X post, Tony Severino, a crypto trader, noted that Ripple’s monthly Bollinger Bands have moved to their tightest level in years. The last time the bands were that tight, XRP price rose by 6,000%.

Bollinger Bands are popular trend indicators made up of three lines. The middle one is the asset’s moving average while the other two are its standard deviations. In most cases, an asset makes a breakout or breakdown after remaining in a tight range for a while.

Meanwhile, Sheldon The Ripper, another trader with almost 500,000 followers on X, noted that the coin was ripe for a ‘mega breakout.’ As shown below, he argued that the token had retested a descending trendline on the weekly chart.

XRP price forms a golden cross

XRP price | chart by TradingView

These XRP predictions concur with what crypto.news reported last week. In that article focusing on the daily chart, we mentioned that it was close to forming a golden cross pattern, where the 200-day and 50-day exponential moving averages converge. That pattern formed on Tuesday.

Additionally, the XRP price retested the crucial resistance point at $0.6370, its highest point since March. A clear break above that level will likely lead to more gains as buyers target the key resistance point at $0.7470, its highest level this year, which is about 20% above the current level.

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XRP price loses final support amid whale transactions

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XRP price lost a crucial support on Thursday as a sea of red engulfed the crypto market.

The XRP token dropped to $0.4400, its lowest level since April and 41% below its highest level this month.

Ripple, one of the biggest cryptocurrencies in the industry is facing substantial challenges, which partly explains why its token has dropped recently. 

On-chain data paints a picture of a network that is no longer growing. According to XRP Scan, the number of unique addresses that were active as senders have dropped from 50,000 in January to 5,850 today. 

Additional data reveals that the number of transactions dropped from a high of 6.8 million in January to just over 1 million. 

XRP Transaction count

Also, the number of payments from one account to another have fallen from almost 6 million in December to 1.1 million. 

The weakness comes at a time when investors are concerned with the market positioning of Ripple’s network in the financial services industry. Ripple Labs’ original idea was to help companies like banks do cross-border transactions faster.

Today, these institutions have better alternatives, such as stablecoins. For example, ANZ Bank, a leading Australian company, demonstrated how customers could use Chainlink’s CCIP to transfer its issued stablecoins to move money.

Meanwhile, XRP whales are dumping the token. Data by Whale Alert showed that a whale moved tokens worth $15 million to Bitso on Wednesday. On the sane day, another whale moved tokens worth $14.8 million to Bitstap. Altogether, whales have sold XRP tokens worth $60 million this week.

XRP price crosses key support

Ripple is also at risk technically. It formed a double-top pattern at $0.7485, its highest point in November last year and March 2024. In technical analysis, a double-top pattern is a good signal of more downside. 

XRP has now moved below this pattern’s neckline at $0.4872. It also formed a death cross on April 20th as the 200-day and 50-day moving averages crossed each other. 

On Thursday, it then lost its final support when it dropped below $0.4557, where it struggle to move below since May. That could be a signal that bears have prevailed, which could push the XRP price much lower.

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Theo Crypto News

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Ripple price could form a golden cross as ETF hopes rise

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Ripple price rose to a crucial resistance level as the company’s chief executive speculated on potential spot exchange-traded funds.

Ripple’s (XRP) token rose 6% on Wednesday and retested the key resistance point at $0.6378, its highest point this month.

Ripple CEO on XRP ETF

In an interview with Bloomberg, Brad Garlinghouse welcomed the recent spot ETFs by the Securities and Exchange Commission.

The agency approved the spot Bitcoin (BTC) ETFs in January, which attracted over $17 billion in assets under management. On Tuesday, it gave its go-ahead to spot Ethereum (ETH) ETFs.

Garinghouse also expressed optimism that the SEC would receive more token applications and that XRP would be one of them. He answered vaguely about whether he had talked with BlackRock about an XRP fund.

Additionally, the CEO says he sees ETFs based on baskets as a way to diversify risks. For example, an ETF could track the top ten biggest cryptocurrencies, while another concept would be for a fund that tracks the biggest layer-1 tokens. 

A case for a Ripple ETF can be made since it is the sixth biggest cryptocurrency in the world after Bitcoin, Ethereum, Tether, BNB, and Solana (SOL). Its market cap is over $35 billion. 

Ripple also partially won the SEC lawsuit in 2023. In her filing, the judge overseeing the case noted that XRP was not a security, meaning that issuers would receive little pushback from the SEC. XRP is also a highly liquid cryptocurrency with a daily volume of over $1.5 billion.

In addition to Ripple, Solana, Chainlink, and Cardano are other cryptocurrencies that could attract the attention of ETF issuers.

Ripple price tests key level

Ripple price chart | source: crypto.news

Meanwhile, XRP’s price has risen to an important support level that could determine the next action. $0.63.78 is a crucial level since it was the highest level this month. Technically, the token needs to move above this level to invalidate the double-top pattern, a popular bearish reversal sign. 

Additionally, XRP is about to form a golden cross pattern where the 200-day and 50-day moving averages cross each other. In most periods, this pattern leads to more upside. The last time it happened in October 2023, it led to a 44% increase.

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Theo Crypto News