Ripple Sets to Widen Its Presence Into Dubai as Legal Battle Persists

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During the Fintech Summit, Ripple’s CEO, Brad Garlinghouse, emphasized the company’s commitment to attaining advantageous regulations. He further delved into the obstacles Ripple faced in terms of regulations. According to CNBC, Garlinghouse disclosed that Ripple had already allocated more than $200 million for judicial defense in response to the SEC’s lawsuit. During his public statement, Garlinghouse unveiled the commercial ramifications of the legal conflict for the first time and expressed his belief that regulatory stagnation is plaguing the United States.

Furthermore, in another tweet, he declared Ripple’s aim to broaden its footprint in Dubai as a reaction to the managerial landscape in the United States. Garlinghouse emphasized that 20% of Ripple’s clientele base is situated in the Middle East and North Africa region, which possesses clearly defined managerial structures and is emerging as a prominent worldwide financial hub. Although the outcome of this plan remains uncertain, this announcement is expected to generate bullish sentiment for XPRUSD.

Key XRP Levels To Watch – May 8

The trading range of XRPUSD still lies between the $0.3540 and $0.5850 price levels. XRPUSD is in its last impulse swing, the fifth wave. However, the price is likely to reach the “fair value gap” before the downtrend is concluded.

Until recently, the MA Cross showed that the market was typically bullish as the bulls raged the market from the 0.3540 support. Right now, the RSI (Relative Strength Index) is heading into an oversold state, thereby validating the end of the downtrend.

XRP Key Levels

Resistance Levels: $0.4940, $0.5600, $0.6580
Support Levels: $0.4330, $0.3540, $0.3000

Total Market Capitalization: $1.14T
XRP Market Capitalization: $22.07B
XRP Volume: $1.14B
Market Rank: #6

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