XRP rose to $2.62 today, increasing 3.43% in the past 24 hours following significant developments from the United Arab Emirates.
The currency supported by Ripple is experiencing a strong increase amid a new agreement between Dubai and the major exchange Crypto.com. Notably, XRP is the first fully regulated cryptocurrency asset in this city, allowing it to benefit from this partnership.
This announcement was made at the FinTech Dubai summit, marking the full integration of cryptocurrency into public services.
The Dubai Ministry of Finance has confirmed a partnership with Crypto.com to allow residents to pay for cryptocurrency services. To comply with regulations, the payments collected will be immediately converted to Emirati dirhams.
This move is part of the city's cashless strategy, aiming to achieve 90 percent digital transactions by 2026.
The adoption of XRP in this system will add a new level of credibility and utility in daily transactions. Ripple's license from the Dubai Financial Services Authority ensures that Ripple's platform operates legally in the region, enhancing XRP's position in one of the world's most important trade and remittance markets.
XRP strengthens its position in the Middle East
Dubai's $400 billion trade economy and $40 billion remittance market create a strong use case for XRP. The region's increasing focus on regulated digital payments further supports the adoption of XRP.
In 2020, Ripple opened an office in Dubai and now has 20 percent of the region's customer base. The launch of RLUSD (a stablecoin from Ripple) could enable Ripple to provide more services to banks and other fintech companies in the UAE.
The city’s fast-track implementation plan involves all departments and does not have a pilot phase. Officials confirm that the new system will take effect immediately across all government services.
Although this news directly impacts XRP, the entire market has experienced growth. Bitcoin has reclaimed a price of $103,500, and Ethereum is up 9 percent. Coins like Solana, Dogecoin, and Cardano have also recorded gains, indicating an optimistic sentiment among investors.
The surge in XRP's price today is related to the official approval of public payments in Dubai. The long-term value is further driven by regulatory clarity and practical integration with the world.