The financial landscape for cryptocurrencies continues to evolve, with recent developments indicating a favorable shift for Ripple (XRP) and Toncoin (TON) in the international market. According to a tweet shared by analyst CryptoBusy, the Dubai Financial Services Authority (DFSA), the autonomous financial services regulator in the Dubai International Financial Centre, has recently acknowledged XRP and TON as recognized digital assets.
💥 ICYMI: The Dubai Financial Services Authority (DFSA) has approved $XRP & $TON as recognized crypto assets!
— CryptoBusy (@CryptoBusy) November 6, 2023
The DFSA is the independent regulator of financial services for the Dubai International Financial Centre.
Its purpose is to build a financial free zone in Dubai, UAE. https://t.co/a4OsAxWgJC pic.twitter.com/qWTZokVCTJ
The DFSA’s endorsement is a significant milestone for Ripple and Toncoin, as it not only validates their status in a key financial hub but also sets the stage for broader adoption in the Middle East. The regulatory nod has further implications, with speculation surrounding a Ripple victory in its ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC).
Prominent crypto attorney John Deaton speculates that the rumored decision for a settlement on November 9 will favor Ripple. The current market sentiment is optimistic, as evidenced by the considerable uptick in XRP’s value.
The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are 💯 wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less it’s a 99.9% legal victory. https://t.co/Xe6SYBiTCJ
— John E Deaton (@JohnEDeaton1) November 4, 2023
A detailed look at the technicals reveals XRP’s price breaking above the .382 Fibonacci resistance level—a classic indicator of bullish momentum. The asset has seen an 8.66% increase in price within a day and a notable 22.50% rise over the past week. As of the latest figures, XRP is changing hands at $0.676936, with a market capitalization of an impressive $36 billion.
Toncoin, albeit smaller in market cap, has also exhibited robust growth. The digital currency is currently trading at $2.31, marking a rise in its price. Investors are attributing this positive performance to the DFSA’s approval, which is driving the trading volume higher.
The community is abuzz with John Deaton’s insights on the SEC versus Ripple case. Deaton’s assertion of a significant legal edge for Ripple — a 90/10 probability — against the SEC adds a layer of confidence among investors. He suggested that a settlement of $20 million or less would mark a considerable victory for Ripple. This legal optimism, coupled with the DFSA’s approval, paints a bright picture for Ripple’s future.
