XRP rose to $2.62 today, gaining 3.43% in the last 24 hours following a significant development out of the United Arab Emirates.
The Ripple-backed coin is surging against the backdrop of a new deal between Dubai and prominent exchange Crypto.com. Notably, XRP is the first fully regulated crypto asset in the city, which positions the asset to gain from this collaboration.
This announcement was made during the Dubai FinTech summit, and it means the complete integration of crypto in public services.
Dubai’s Department of Finance confirmed the partnership with Crypto.com to allow residents to pay for crypto services. To comply with the regulations, collected payments will be instantly converted to Emirati dirhams.
This step is part of the city’s Cashless Strategy, which targets 90 percent of digital transactions by 2026.
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The adoption of XRP in this system adds a new level of credibility and utility in daily transactions. Ripple’s license from the Dubai Financial Services Authority ensures that its platform is operated legally in the region, enhancing XRP’s position in one of the world’s most significant trade and remittance markets.
XRP Strengthens Position in the Middle East
Dubai’s $400 billion trade economy and $40 billion remittance market provide a strong use case for XRP. The region’s growing focus on regulated digital payments further supports its adoption.
In 2020, Ripple opened its office in Dubai and currently has 20 percent of the region’s customer base. The launch of RLUSD (a stablecoin from Ripple) may allow it to offer more services to other banks and fintech companies in the UAE.
The city’s fast rollout plan involves all departments, and there is no pilot phase. The officials confirmed that the new system will be effective immediately in all government services.
Though this news directly affected XRP, the whole market experienced growth. Bitcoin managed to find itself again at $103,500, and Ethereum grew by 9 percent. Coins like Solana, Dogecoin, and Cardano also registered increases, indicating bullish sentiments among investors.
XRP’s price jump today is tied to its official approval for public payments in Dubai. The long-term value is further propelled by regulatory clarity and actual world integration.
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