Ripple’s integration with Thailand is waiting for further developments. Meanwhile, Ripple has made a massive move in Dubai. The Virtual Asset Regulatory Authority (VARA) of Dubai has approved the use of Ripple for global transfers, meaning people will be able to utilize XRP to fuel their cross-border transactions. This comes as the US Securities & Exchange Commission expresses concerns and targets the crypto community.
Gary Gensler, the SEC Chair, said while attending Bloomberg Invest that most digital tokens were offered in investment contracts without proper disclosures, which were essentially required by the law. Brad Garlinghouse, the Chief Executive Officer of Ripple, criticized Gary by saying that it was absolutely nonsense of him to say anything against cryptos, especially since Gary claimed that all crypto executives were going to jail.
Gary remains determined on his stance – stating that it has caused more harm to the public than any other field. He highlighted that it has the largest non-compliance.
The effects of Dubai’s approval were evident when the market closed on June 25, 2024. XRP gained 0.44% to close the session at $0.4761. It has noted a slight dip in the value at the press time, dropping to the value of $0.474. That is down by 0.52% in the last 24 hours. It also reflects a decline of 3.42% and 11.84% in the last 7 days and 30 days, applicable in the same order.
Near-term predictions for XRP are bullish. The token is expected to soar by 20.68% in the next 30 days, reaching a value of around $0.5717 amid a volatility of 3.62%. The 14-day RSI is 38.27. The 50-day SMA and 200-day SMA are around $0.50993 and $0.568286, respectively.
The possibility of the bull run also builds on Thailand expressing its intention to integrate Ripple.
Ripple previously came under the limelight when it was hinted that it may form a core backbone for BRICS Pay, a mechanism that will facilitate cross-border transactions among the association’s members. There are no official announcements from either side, but enthusiasts are positive about it.
One of the many reasons to choose Ripple is low transaction costs. The mechanism of Ripple does not require any intermediary. It connects users directly and enables them to exchange XRP at a near-instant speed. Plus, its blockchain technology facilitates transparency in record keeping with enhanced security.
The Ripple vs SEC legal dispute was triggered when the Commission alleged Ripple for violating securities laws by claiming that Ripple had wrongly categorized its token in the market. Concerns by the agency extend to the fact that wrong offerings put investors and their funds at risk.
Ripple and Dubai will now move forward in implementing the mechanism for global transfers to help Dubai process transactions beyond its borders.