XRP price poised for 46% gains after Ripple secures first Dubai license

XRP’s price is eyeing a breakout from a classic chart pattern in the near future after Ripple acquired its first-ever license in the Middle East. XRP price chart hints at possible 46% gainsXRP has been consolidating inside a descending triangle pattern since topping out at its seven-year high of $3.40 on Jan. 16. After finding support from the triangle’s horizontal line at $2.00, the pair has left behind a sequence of higher lows over the last four days to its upper trendline, as shown in the chart below.XRP‘s price is now testing the triangle‘s upper trendline at $2.30, raising hopes of a daily candlestick close above this level.If this happens, XRP could rally toward the $3.00 psychological level, a critical supplier congestion zone that has recently rejected the price twice.A move past this level would push the price toward the next major resistance at $3.27 and later to the multi-year high at $3.40, amounting to a rise between 30% and 46%.Meanwhile, crypto analyst CrediBull Crypto says XRP’s drop to sub-$2.00 levels provided a perfect entry for buyers, targeting profits around $3.40.Manifest destiny. $XRP https://t.co/Pa2pKSbYHq pic.twitter.com/FyeWfMrw5zRipple secures Dubai licenseOn March 13, Ripple announced that it had secured approval from the Dubai Financial Services Authority, allowing it to offer regulated crypto payment services in the UAE.Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA), making us the first blockchain payments provider licensed in the DIFC. https://t.co/6oHWtnjODrThis milestone unlocks fully regulated cross-border crypto payments in the UAE, bringing…This approval, Ripple’s first in the Middle East, will allow the payments company to tap into the UAE’s $40 billion remittance and $400 billion international trade markets.Following the announcement, XRP’s price gained 6% from a low of $2.21 to a high of $2.34 on March 11, reflecting market optimism.“Ripple’s DFSA license in Dubai’s DIFC marks a game-changer, ” said commentator Vincent van Code in a March 13 post on X, adding that it positions the “company as a leader in regulated crypto payments across the UAE’s $40B cross-border market.”“This could unlock massive potential for XRP, driving adoption and growth as blockchain transforms global finance.”Ripple’s battle with SEC nears an endAnother potential catalyst for XRP price is the possible end of the SEC’s case against Ripple.Ripple’s prolonged legal battle with the US Securities and Exchange Commission (SEC) since 2020 over allegations of unregistered XRP sales may be nearing a resolution.A July 2023 judge’s ruling deeming XRP not a security for retail sales but fining Ripple $125 million for institutional violations, marked a turning point. Recent reports suggest both parties might drop their appeals, with Ripple negotiating better terms amid a perceived shift in SEC priorities under new leadership.“The SECGov vs. Ripple case is in the process of wrapping up and could be over soon,” said Fox Business’s Eleanor Terret, citing two unidentified sources.Terret explained the SEC may be reconsidering its aggressive crypto enforcement, potentially aligning with a more lenient regulatory stance.“The argument, I’m told, is that the new SEC leadership is wiping the enforcement slate clean for all previously targeted crypto firms because it believes regulatory clarity will resolve the underlying issue.”As Cointelegraph reported, several cases against crypto companies were dismissed in recent weeks, including Coinbase, Robinhood and Kraken, by the new SEC administration under acting Chair Mark Uyeda.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.