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Ripple’s token, XRP, has reached a four-month high of $0.66 due to growing optimism about resolving the Ripple vs. SEC lawsuit. The price increase is also driven by Ripple’s new partnership in the United Arab Emirates (UAE), suggesting a positive trend for the cryptocurrency. This rise has attracted more XRP sharks and whales, signaling confidence but also the potential for volatility if large sell-offs occur.
Ripple Partners with Dubai’s DIFC
Ripple has partnered with the Dubai International Financial Centre (DIFC) Innovation Hub to boost blockchain and digital asset innovation in the UAE. This partnership aims to connect developers with the DIFC Innovation Hub, which hosts over 1,000 tech firms, venture capitalists, regulators, and educational entities.
DIFC CEO Arif Amiri emphasized that this collaboration would strengthen DIFC’s role as a global leader in technology and innovation.
Additionally, Ripple CEO Brad Garlinghouse noted that the partnership would enhance blockchain adoption in the region, with the XRP Ledger (XRPL) playing a key role.
Focus on XRP Ledger Developers
Ripple announced a reset of the XRP Ledger (XRPL) Testnet scheduled for August 19, 2024. This process will take about 15 minutes, during which the Testnet might be unavailable.
Ripple is working on long-term solutions to improve the ecosystem’s resilience, including reducing network stress, enhancing security, and setting regular Testnet reset schedules.
Will XRP See Further Gains?
Though 2024 was expected to be a big year for Ripple, progress has been slower than anticipated. XRP performed well in July but was affected by the recent crypto market downturn. Despite this, the new partnership and legal optimism suggest that XRP might soon experience a significant boost.
After the court’s decision, XRP’s price saw a dramatic increase, climbing from $0.5018 to $0.6373, a 27% jump in just 90 minutes. As of now, XRP’s price has stabilized and is trading at $0.6171 with a market cap of $33.9 billion.
