In what could be a massive month for the company, Ripple announced a major partnership in the United Arab Emirates (UAE) as XRP looks to start a rebound. Indeed, the company issued a press release unveiling a partnership with the Dubai International Financial Centre (DIFC).
The release stated that the collaboration will “accelerate blockchain and digital asset innovation in the UAE.” Moreover, it could be the start of good news for the firm in August. Its years-long lawsuit with the US Securities and Exchange Commission (SEC) is rumored to end in the coming months.
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Ripple Unviels UAE Partnership, Can XRP Get a Much-Needed Boost?
2024 was always poised to be a huge year for Ripple. Yet, that hasn’t come to fruition yet. Although XRP had performed well throughout July, Monday’s crypto crash forced the token to take a step back. However, some good news has arrived, with the token potentially poised to surge rather soon.
Ripple has announced a major UAE partnership, as the XRP token is looking to facilitate a much-needed rebound. Specifically, the firm revealed cooperation with the DIFC innovation hub. That Dubai platform is already acting as “hope to more than 1,000 growth-stage tech firms, innovation companies, digital labs, venture capital firms, regulators, and educational entities.”
“The partnership between Ripple and DIFC Innovation Hub will provide the means to drive blockchain and crypto adoption amongst early-stage companies,” the release said. Moreover, Ripple CEO Brad Garlinghouse said the partnership will “drive the adoption of blockchain technology in the region as XRPL continues to be a leading blockchain,” in the UAE.
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There is hope the news can jumpstart XRP’s performance. The asset fell below $0.50 Wednesday, dropping 2.75% in the last 24 hours, according to CoinMarketCap. However, it is in the green over the last 30 days. In that time frame, the crypto has increased more than 17% in value.
The UAE partnership and SEC conclusion could serve as a catalyst for a price increase. However, there is no timetable for the latter. With the market still reeling, it may be some time before XRP can gain the necessary momentum to make a move upward.
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