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Ripple secures DFSA license allowing it to offer crypto payment services in the UAE

Ripple has received approval from the Dubai Financial Services Authority to provide regulated crypto payment services in the Dubai International Financial Centre. This makes Ripple ( XRP ) the first blockchain-powered payments company licensed by the DFSA. According to the press release published on Mar. 13, the license allows businesses in the UAE to use Ripple’s crypto payment solutions. Ripple says this will help improve cross-border transactions by making them faster and cheaper. Ripple has been in the UAE since 2020, with its regional headquarters in the DIFC. Around 20% of its global customers are in the Middle East. With a global trade sector worth over $400 billion, the UAE offers a major opportunity for blockchain-based payment systems. According to Ripple, 64% of finance leaders in the Middle East and Africa see faster payments as the biggest advantage of blockchain adoption. DIFC Authority CEO His Excellency Arif Amiri welcomed Ripple’s expansion, saying Dubai is committed to supporting blockchain innovation. Reece Merrick, Ripple’s managing director for the Middle East and Africa, said the DFSA license will allow Ripple to better serve businesses needing faster and more transparent payments. Ripple also expects more companies in the UAE to start using stablecoins for instant transactions. “Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs.” — Reece Merrick , Ripple’s managing director for Middle East and Africa You might also like: SEC wrapping up case against Ripple, could be over soon: report As of Mar. 13, Ripple has secured more than 60 international licenses, including ones in Singapore, Ireland, and several U.S. states. The company has launched RLUSD, whose market capitalization has grown to over $130 million since December, as part of its focus on stablecoins. Ripple has also been making progress in other areas. The Bank of England is currently testing Ripple’s Interledger Protocol for faster cross-border payments. Meanwhile, in the US, interest in XRP ETFs is rising. Asset managers including Bitwise, Grayscale, Franklin Templeton, and 21Shares, have filed for XRP ETFs and are awaiting the approval of the Securities and Exchange Commission. Read more: Ripple’s $707m lost fortune: Chris Larsen’s XRP theft linked to 2022 LastPass breach Bitcoin.com

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Solana (SOL) Faces Many Challenges—Can Bulls Hold the Line?

Solana started a recovery wave above the $120 resistance zone. SOL price is now consolidating and might struggle to recover above the $132 resistance. SOL price started a fresh decline below the $150 and $140 levels against the US Dollar. The price is now trading below $130 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $132 zone. Solana Price Faces Resistance Solana price struggled to clear the $155 resistance and started a fresh decline, like Bitcoin and Ethereum . SOL declined below the $140 and $132 support levels. It even dived below the $120 level. The recent low was formed at $114 before the price recovered some losses. It climbed above the $120 and $122 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $151 swing high to the $114 swing low. Solana is now trading below $130 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $124 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $128 level. The next major resistance is near the $130 level. The main resistance could be $132 and the 50% Fib retracement level of the downward move from the $151 swing high to the $114 swing low. A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $140. Any more gains might send the price toward the $150 level. Another Decline in SOL? If SOL fails to rise above the $132 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $120 level. A break below the $120 level might send the price toward the $114 zone. If there is a close below the $114 support, the price could decline toward the $100 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level. Major Support Levels – $124 and $120. Major Resistance Levels – $128 and $132. Bitcoin.com