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- Dubai’s progressive stance on crypto regulation could inspire other jurisdictions to approve XRP.
- Approvals will likely happen on a case-by-case basis as regulators gain more clarity.
- XRP’s proven use cases and court victory could influence approval across regions.
Dubai’s progressive stance on crypto regulation could inspire other jurisdictions to follow suit and approve XRP, especially in the Middle East and North Africa region, according to Damian Chmiel, senior analyst at Finance Magnates. Chmiel said this in a chat with Coin Edition about how Dubai’s recent move could impact the top altcoin.
The senior analyst noted that the regulatory environment for crypto remains complex globally. Hence, approval will likely happen on a case-by-case basis as regulators provide more clarity. He identified two factors that could influence XRP’s approvals across jurisdictions, including the altcoin’s proven use cases and its recent U.S. court victory affirming its non-security status.
Explaining the potential impact of Dubai’s approval of XRP, Chmiel said that it would expand XRP’s accessibility and unlock fresh regional payment solutions on RippleNet. It would also bring regulatory clarity for XRP, which could encourage adoption by licensed crypto firms and investors.
Furthermore, the analyst noted that the development signals the growing acceptance of XRP’s potential in finance and will likely spur adoption in the Middle East, Africa, and South Asia. Also explaining from the price perspective, Chmiel thinks in the short term, the news may buoy XRP’s price as it gains positive exposure and credibility. However, macro factors like interest rates and the economy remain dominant price drivers in crypto markets currently.
In the long term, the senior analyst predicts that XRP could reach $2-3 if it sees widespread real-world adoption driven by RippleNet, and if it overcomes the SEC hurdle. He noted that Dubai’s approval is a promising development for XRP that could unlock the asset’s potential. However, the impact will depend on follow-up approvals globally and real-world adoption. The crypto regulatory environment remains complex and will take time to mature.
Wayne Chen, CEO and co-founder at Eukapay, thinks the Dubai approval would trigger more adoption across other regions. He noted that Ripple built several partnerships while its case with the SEC was still on. He identified a payment corridor between Japan and the Philippines already created by Ripple and believes other jurisdictions would do the same when the lawsuit concludes. Chen believes they would do so to strengthen cross-border transactions.
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