By Key Points
- Dubai authorizes Ripple’s XRP for global money transfers.
- XRP gains 0.44% to break a three-day losing streak.
- SEC’s legal action against Ripple affects market sentiment.
- Ripple CEO decries hypocrisy of SEC Chair on cryptocurrency.
Dubai Approves Ripple XRP for Global Money Transfers
The Virtual Assets Regulatory Authority (VARA) under the Dubai Financial Services Authority has given its approval for the use of Ripple’s XRP in global remittances, marking a major breakthrough. This move saw increased demand and interest in XRP, pushing up its price by 0.44% on June 25th Tuesday.
Although there was an uptick following this development, prices of XRP are still subdued due to ongoing litigation with the United States Securities and Exchange Commission (SEC).
Say What… News of #Dubai approving #XRP for global money transfers supported buyer demand for XRP. #CryptoNews #Cryptocurrencies https://t.co/bB3cqgmZLW
— Mr. Nunez (@MrNunez8) June 26, 2024
Controversy Over SEC Chair’s Critique Of Crypto
Gary Gensler’s recent comments at the Bloomberg Invest conference about America’s approach toward regulating digital currencies have reignited discussions around this issue among industry players globally .
According to Gensler, many tokens don’t provide enough information for investors which makes them akin to investment contracts lacking sufficient protection for those who put their money into it. He also criticized exchanges as well as broker-dealers acting as intermediaries within the crypto space.
Ripple CEO Brad Garlinghouse did not take kindly to these words from Gary Gensler whom he accused of being inconsistent and incompetent when dealing with matters related to cryptocurrencies .
What baffled him most was how someone like Gensler could miss signs that showed FTX was going under and then later go ahead and attack big fish such as Binance claiming that such actions will hurt the Biden administration during upcoming elections.
Dubai Approval – A Victory For Ripple Across Borders
VARA’s decision signals a huge success milestone achieved by Ripple which might lead to broader usage of XRP worldwide. This declaration enables Dubai to utilize Ripple’s XRP for remittances outside America thus demonstrating wider influence by Ripple beyond its home country. Nevertheless, the ongoing legal battles with the SEC have continued casting doubt on the future performance of this cryptocurrency.
Investors still remain cautious awaiting further outcomes in the court case. The SEC has been seeking an injunction that would prohibit sales of XRP to institutional investors and impose nearly two billion dollars as penalties. A judgment on these fines is expected soon and if given can greatly affect Ripple’s prospects within the American market.
XRP Price Action Amid Legal Murkiness
Despite positive news coming out from Dubai about ripple, the current price movements of XRP indicate that not all investors are convinced. But it must be remembered that prices have remained below key moving averages signifying a bearish trend .
Some analysts believe breaking above these trend lines could trigger a bullish shift but then again there is still an overhang occasioned by SEC appealing against programmatic sales ruling for XRPs.
With 14-day RSI at 39.12, it won’t be long before XRP drops into oversold territory which might see support at $0.45 level established sooner rather than later; hence market participants should closely follow court decisions as well as regulatory updates considering their impact on xrp pricing behavior over next few weeks.
