Dubai Approves Ripple for Global Transfers: Is This a Turning Point for XRP?
- Bitrue Exchange recently urged heavy investment in XRP, sparking mixed reactions.
- Ripple secured approval for global transfers in Dubai, highlighting its growth potential.
- XRP’s Automated Market Maker holds over 10 million XRP, supporting liquidity on decentralized exchanges.
Pro-XRP crypto exchange Bitrue recently urged investors to “go all-in” on XRP, sparking a mixed response from the crypto community and raising questions about the platform’s investment advice.
Bitrue’s bullish comments provoked a backlash from the X platform cryptosphere, with some even suggesting that a failed investment advice could lead to legal action against the exchange.
One user highlighted XRP’s underperformance over the past five years, echoing the sentiment shared by several market participants regarding the token’s lackluster performance.
Over the past few years, Bitrue has been a vocal proponent of XRP, consistently promoting the token on its platform. Additionally, the company has consistently introduced features catering to the XRP community.
In 2018, Bitrue adopted XRP as its base token, making history as the first exchange to do so. Subsequently, the company released a list of tokens that can be traded against XRP, adding BONK and SHIB in March.
In 2019, Bitrue announced that XRP holders could pledge their XRP and other digital assets as collateral to receive loans. The exchange also introduced zero-fee withdrawals for XRP transactions.
In a separate development, Ripple has received approval for global transfers in Dubai, marking a significant milestone despite ongoing challenges from the SEC. This development underscores Ripple’s potential for international expansion.
Meanwhile, the Automated Market Maker (AMM) on the XRP Ledger now holds over 10 million XRP. This indicates growing confidence and activity within the Ripple community, supporting decentralized exchanges and liquidity.
July has historically been a bullish month for XRP. Based on historical trends, July could see positive returns, though predictions in the volatile crypto market remain uncertain. As of press time, XRP was trading at $0.4715, reflecting a 0.15% intraday dip.
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