XRP falls Tuesday, Ripple gets Dubai license, expected to increase UAE usage

Ripple gets a financial services license from Dubai Financial Services Authority.

Ripple prepares to offer UAE companies its financial infrastructure and payment services.

XRP falls 2% to $0.6219 on Tuesday.

Dubai's Financial Services Authority approves Ripple (XRP) in concept. The payment remittance provider received a financial services license, which may boost Ripple usage in the Gulf country that contains Dubai.

The current price of XRP is $0.6014.

XRP fell to $0.6014 early on Tuesday after breaking crucial support around $0.6200 due to recent comments from Ripple, a cross-border payment provider.

Ripple is gaining UAE acceptance of its payment infrastructure. Ripple received a financial services license from Dubai's Financial Services Authority after the SEC lawsuit's final verdict.

XRP holders must monitor the index. If “extreme greed” occurs, the asset may reverse trend.

Ripple's growth supports its objective to provide companies affordable cross-border payment solutions via the XRP Ledger and Ripple payment ecosystem.

Ripple CEO Brad Garlinghouse criticized the SEC's crypto legislation. He remarked, “The UAE is positioning itself as a global leader in this new era of financial technology.” The Ripple CEO praised the UAE's regulatory approach in the news statement announcing the license's in-principle acceptance

Technical analysis: XRP drops to $0.6047, losing roughly 2%.
XRP ended a multi-month downtrend on Friday, September 27. Altcoins risk returning to $0.5533, the 50-day EMA. This would lower XRP by 7.9%.

Before recovering to the 50% Fibonacci level of the slide from the July 2023 high of $0.9380 to the July 2024 bottom of $0.3823, XRP might sweep liquidity at $0.5533.

The Moving Average Convergence Divergence (MACD) green histogram bars indicate favorable XRP price momentum. The shorter green histogram bar on Tuesday suggests momentum is weakening.

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