Analysts Project 46% XRP Price Surge After Ripple Secures Dubai License

XRP cryptocurrency shows signs of a potential major price increase following Ripple's first regulatory approval in the Middle East. The price action comes as technical analysts identify a bullish pattern formation while the company's legal troubles with U.S. regulators appear to be winding down.

XRP has been moving within a descending triangle pattern since reaching a seven-year high of $3.40 on Jan. 16. The cryptocurrency found support at the $2.00 level before establishing a series of higher lows over the past four days, pushing toward the pattern's upper trendline at $2.30.

Technical analysts view the current price action as potentially significant. A daily close above the $2.30 resistance level could trigger a rally toward the psychologically important $3.00 mark, which has twice acted as a rejection point in recent trading periods. Breaking through this level could push XRP toward $3.27 and potentially to its multi-year high of $3.40, representing gains between 30% and 46%.

"Manifest destiny," wrote crypto analyst CrediBull Crypto on the social platform X, suggesting XRP's temporary drop below $2.00 provided an ideal entry point for traders targeting profits near the $3.40 level.

On March 13, Ripple announced obtaining approval from the Dubai Financial Services Authority to offer regulated cryptocurrency payment services in the United Arab Emirates. This represents Ripple's first regulatory license in the Middle East region.

"Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA), making us the first blockchain payments provider licensed in the DIFC," the company stated in a social media post. This development positions Ripple to access the UAE's $40 billion remittance market and $400 billion international trade sector.

Market reaction to the news was immediate, with XRP price gaining 6% from $2.21 to $2.34 on March 11, reflecting positive investor sentiment. Industry commentator Vincent van Code called the license "a game-changer" that establishes Ripple "as a leader in regulated crypto payments across the UAE's $40B cross-border market."

Another potential catalyst for XRP price movement is the possible conclusion of Ripple's long-running legal battle with the U.S. Securities and Exchange Commission. The case, which began in 2020 over allegations of unregistered securities sales, may be approaching resolution according to recent reports.

A significant development occurred in July 2023 when Judge Torres ruled that XRP sales to retail investors did not constitute securities transactions, though the company was fined $125 million for institutional violations. Fox Business reporter Eleanor Terret, citing unnamed sources, suggested both parties might soon drop their appeals.

"The SEC vs. Ripple case is in the process of wrapping up and could be over soon," Terret stated, adding that the regulatory body might be reconsidering its enforcement approach under new leadership. Several cases against cryptocurrency companies including Coinbase, Robinhood, and Kraken have been dismissed in recent weeks by the new SEC administration led by Acting Chair Mark Uyeda.

The convergence of positive technical indicators, regulatory achievements, and potential legal resolution has created significant attention around XRP's price potential in the coming weeks.