Ripple Gains Traction Among Institutional Investors in Dubai: Insight from Sologenic Report

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The XRP Ledger (XRPL) recently achieved a significant milestone, surpassing 83 million ledgers. This reflects the ongoing evolution of XRPL, serving as the smart contract hub within the Ripple and XRP ecosystem. With XRPL gaining momentum, the question arises: can this drive elevate XRP’s global presence, particularly outside the complex regulatory environment in the United States? Although they have distinctive qualities, they can enhance the financial domain as people have less faith in Fiat currencies. 

Ripple’s Expanding Footprint

Despite an ongoing SEC case, Ripple remains committed to global expansion, focusing on the Middle East and North Africa (MENA) markets, including Dubai. This year, Ripple strengthened its presence in Dubai by opening a new office in the Dubai International Financial Centre (DIFC). In a new report published by Sologenic, it is pretty clear Ripple knows the right business strategies, and enhancing its ties now will boost it in other countries before anyone else steps in. Sooner or later, all crypto firms must divert their US ties to sustain without fear. 

The UAE has led the way in emerging $XRP technology.

Learn how the teams at #Ripple and #Sologenic are making an impact in the MENA region.

More below https://t.co/1AEXXD5Vs0#GoSOLO pic.twitter.com/pTH4i2nLOH

— Sologenic (@realSologenic) October 10, 2023

Here’s why: At the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse revealed that XRPL boasts over 4.8 million wallets, with 20% of clients hailing from MENA. The MENA region is significant for Ripple as it houses key clients, such as SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank. The Middle East, while deploying the best of the regulatory tactics, is helping crypto flourish, showing crypto’s power in building a secured financial future. That makes it a suitable option for top crypto firms today. 

Here Comes the Next Chapter!

Sologenic, a native UAE firm, is enthusiastic about contributing to Ripple’s mission of attracting institutional investors. The platform has successfully onboarded over 200,000 customers onto the XRP Ledger, further showcasing the growing interest in XRP and its underlying technology.

Conversely, XRPL’s new addresses increased by 31.8% to 138,790 in 2022. Quarterly revenue rose 220.3% to $188,376. XRP’s price is currently at $0.483, approaching the $0.476 support line. It was in an uptrend until a week ago but has fallen over 10.7%, losing both the uptrend and the $0.500 support. The scenario may change with new adoptions on the way. 

XRP Adoption on the Rise

XRP adoption is on the rise, driven by cryptocurrency payment processor Bitpay, which announced that ExpressVPN and Kinguin now accept XRP payments. This integration enhances XRP’s role in digital payments, highlighting its speed and convenience. With Ripple’s global expansion and XRPL’s development, the future looks promising for XRP adoption globally.