The cryptocurrency market is trying to recover from the recent liquidation that shook investors. Bitcoin (BTC) has risen again and is now trading above $83,000, recovering from a low of $80,000 in the last 24 hours. Riding this recovery, XRP also reacted positively, driven by a significant regulatory development!
Ripple secures full regulatory license in Dubai
This Thursday (13), Ripple obtained full approval from the Dubai Financial Services Authority (DFSA), securing its license to offer regulated crypto payment services at the Dubai International Financial Centre (DIFC). This recognition makes Ripple the first blockchain company licensed by the DFSA, a milestone that positions it ahead in the expansion of the digital payments sector in the Middle East.
With the United Arab Emirates consolidating as a crypto-friendly hub, this decision regulates Ripple's presence and paves the way for even greater adoption of XRP in the global financial ecosystem. But the big question now is: is the price of $XRP ready to take off?
Can XRP break resistance or fall to new supports?
On the technical chart, XRP faces a decisive moment. Currently, the asset is trading within an ascending channel, but also shows a "head and shoulders" pattern - which could signal downside risks.
The price struggles to overcome the 100-day Moving Average, located in the range of $2.52. If it breaks this level strongly, it could invalidate the bearish formation and shoot towards the top of the channel, boosting the bulls of $XRP .
On the other hand, if it fails to maintain above the current support, the "head and shoulders" pattern could be confirmed, bringing the price to its next line of defense at the 200-day Moving Average, near $1.62.
Eyes on the next move!
Ripple's license in Dubai is a significant step for the $XRP , but traders are now focused on the next big move. A breakout could pave the way for new highs, while a loss of support could trigger corrections.
What do you think? Will XRP overcome this barrier and rise even more? Share your opinion in the comments! 🔥💡
Source: CoinsProbe
Warning: This content is not an investment recommendation. Conduct your own research and stay well-informed before making any decisions.