Ripple’s XRPL Set to Dominate MENA Markets

The XRP Ledger (XRPL) has reached an impressive milestone, crossing over 83 million ledgers. This milestone underscores XRPL’s continuous evolution as the hub for smart contracts within the Ripple and XRP ecosystem. As XRPL gains momentum, it prompts the question: can this drive bolster XRP’s global presence, especially beyond the complex regulatory environment in the United States?

While XRP and traditional fiat currencies have distinct qualities, both have the potential to transform the financial world as we know it.

Ripple’s Expanding Footprint

Despite an ongoing legal case with the U.S. Securities and Exchange Commission (SEC), Ripple remains committed to global expansion, with a specific focus on the Middle East and North Africa (MENA) markets, including Dubai. This year, Ripple solidified its presence in Dubai by establishing a new office in the Dubai International Financial Centre (DIFC).

A recent report by Sologenic clearly demonstrates Ripple’s savvy business strategies, which, when coupled with strengthened global ties, position them ahead of the curve. It’s becoming increasingly apparent that, sooner or later, all crypto firms must pivot away from their U.S. ties to thrive with confidence.

MENA’s Significance

At the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse disclosed that XRPL boasts an impressive 4.8 million wallets, with 20% of its clientele originating from the MENA region. This region holds strategic importance for Ripple as it hosts key clients, including SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank. The Middle East, with its adept regulatory strategies, is fostering a flourishing crypto environment, demonstrating the potential for cryptocurrencies to play a pivotal role in shaping a secure financial future.

This makes it an attractive choice for leading crypto firms today.

Sologenic’s Contribution

Native UAE firm Sologenic is fervently contributing to Ripple’s mission of attracting institutional investors. The platform has successfully onboarded more than 200,000 customers onto the XRP Ledger, a clear sign of the increasing interest in XRP and its underlying technology.

Rapid Growth Ahead!

Conversely, XRPL has witnessed a substantial increase in new addresses, surging by 31.8% in 2022 to reach 138,790. Quarterly revenue has shown remarkable growth, soaring by 220.3% to $188,376. Currently, XRP is trading at $0.483, inching closer to the support level at $0.476. It had been on an uptrend until just a week ago, but it has experienced a 10.7% decline, breaching both the uptrend and the $0.500 support level. However, the outlook may change with the advent of new adoptions.

Strategic partnerships

The adoption of XRP is on an upward trajectory, largely driven by cryptocurrency payment processor Bitpay, which recently announced that ExpressVPN and Kinguin now accept XRP payments. This integration not only strengthens XRP’s role in digital payments but also underscores its speed and convenience.

With Ripple’s global expansion efforts and XRPL’s ongoing development, the future appears bright for global XRP adoption.

We’re certainly excited. What about you?