Dubai Financial Services Authority (DFSA) has approved Ripple's RLUSD as a recognized crypto token for use in the Dubai International Financial Centre (DIFC), positioning Dubai as a global hotspot for digital finance.
The UAE is welcoming new players in the crypto space and Ripple's RLUSD is benefiting from this approach, with stablecoin use in the UAE increasing by 55% over the past year.
XRP price has gained 2% in the last 24 hours, trading at $2.20. Market analysts expect the recent RLUSD approval to push prices higher, but XRP has been trading between $2 and $2.50 for the last two months.
Ripple's approval opens new opportunities for over 7,000 firms in the DIFC, and the market is awaiting XRP to reclaim the $2.23 mark to confirm a bullish reversal in the coming days.