Ripple's digital asset, XRP, was endorsed by Dubai's Financial Services Authority (DFSA) on November 2, 2023, under its virtual asset regime for the Dubai International Financial Centre (DIFC). This endorsement provides legal and regulatory clarity, facilitating efficient global value exchange. With this move, XRP becomes the first virtual asset approved since external applications were allowed, joining Bitcoin, Ethereum, and Litecoin in DFSA's portfolio. This endorsement allows institutions in DIFC to incorporate XRP into their operations.
Ripple CEO Brad Garlinghouse lauded Dubai's innovative approach to virtual assets and committed to strengthening Ripple's presence in Dubai. He also expressed an intention to collaborate with regulators to tap into crypto's full potential. Ripple's Chief Legal Officer Stuart Alderoty applauded DFSA's clear guidelines that enhance Dubai's appeal for entrepreneurs.
In contrast to Dubai's progressive stance, the US digital asset space is hindered by the SEC’s regulation-by-enforcement approach. SEC Chair Gary Gensler continues his anti-crypto rhetoric. On the same day as DFSA's endorsement, XRP saw a minor dip of 0.44%, closing at $0.6058 amidst increasing tensions with the US Securities and Exchange Commission (SEC).
In terms of price action, XRP remained above its 50-day and 200-day Exponential Moving Averages (EMAs). If XRP surpasses its Thursday high of $0.6268, bulls might target the $0.6354 resistance level. On the other hand, a fall below the $0.5835 support level could lead to the $0.5470 support level being tested.
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