DIFC in Dubai Gives Green Light to XRP, Aligning It with BTC and ETH

Crypto News– DIFC in Dubai gives the green light to XRP: In a significant development, the Dubai Financial Services Authority (DFSA) has granted its approval for the utilization of the XRP token within companies operating under its jurisdiction in the global financial center.

This strategic move paves the way for Ripple to extend the application of the XRP token to a multitude of companies across the Middle East, Africa, and South Asia (MEASA) region. On November 2, 2023, the DFSA officially sanctioned the use of this digital asset within the Dubai International Financial Centre (DIFC), which serves as a hub for more than 4,300 actively registered companies in the area. Crypto-related businesses licensed within the DIFC will now have the opportunity to integrate XRP into their array of virtual asset services, thus unlocking fresh possibilities for regional payments and various other use cases within the XRP Ledger.

DIFC in Dubai Gives Green Light to XRP, Aligning It with BTC and ETH

With this regulatory approval, XRP joins the ranks of Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) as assets previously endorsed by the Dubai DFSA’s virtual assets framework. Earlier, in June 2023, Ripple received in-principle approval for a Major Payments Institution License application in Singapore, reinforcing the company’s presence and operations in another crucial cryptocurrency hub, alongside Dubai.

Ripple’s Swell Event: Anticipating Further Announcements?

Between November 8 and 9, 2023, Ripple is gearing up to host its much-anticipated flagship event, Ripple Swell, in the vibrant city of Dubai. This event traditionally serves as a pivotal gathering point for prominent figures in the financial industry and regulatory sphere. Against the backdrop of the July 2023 Summary Judgment in the XRP lawsuit, presided over by Judge Analisa Torres, the cryptocurrency community is keenly awaiting potential announcements that may transpire during this event. Ripple Swell is poised to feature a rich tapestry of narratives and insights shared by Ripple’s esteemed customers and industry thought leaders, with a focus on how businesses are harnessing the power of crypto and blockchain technology to fuel innovation and growth.

Notably, CoinGape previously reported on XRP’s price prediction, which suggests the possibility of a price range between $0.90 and $1, contingent on the token’s ability to surmount the existing resistance hovering around the $0.68 mark. Over the past seven days, XRP has demonstrated a noteworthy gain of 9%, despite a recent correction in its price trajectory. As the Ripple Swell event unfolds, it remains to be seen how this influential gathering may impact XRP and the broader cryptocurrency landscape.

Ethereum Gains Momentum: Exploring the Potential Impact of 15 Dollars Million Gas Fee Burn on ETH Price

In the early hours of Thursday, the Ethereum (ETH) price successfully breached the crucial $1,870 resistance level. Insights from on-chain data analysis reveal significant factors that could propel ETH’s price rally toward the $2,000 range soon.

Ethereum’s bulls pushed the price to a fresh 60-day high of $1,875 on Thursday, followed by a slight retracement. The question now is whether the increasing burn rate can further fuel the rally. Notably, Ethereum’s price surge is currently trailing behind Bitcoin (BTC), but recent on-chain data indicates a notable surge in Ethereum’s transaction activity.

Significantly, Ethereum has been witnessing a remarkably high number of daily transactions, with total fees generated on the Ethereum network steadily increasing since August, as reported by data from IntoTheBlock. As illustrated, the Total Fees generated reached a 60-day peak of 3,350 ETH on November 1, highlighting the growing demand and usage of the Ethereum network.

The “total fees” metric represents the cumulative amount of gas fees that participants in the network pay for transaction processing on a given day. In simple terms, a consistent rise in collected fees is directly associated with an increase in the volume of economic transactions conducted on the blockchain network.