Toncoin and XRP Recognized by Dubai Regulator, Will TON and XRP Price Increase?

 Key takeaways

• Dubai International Finance Centre (DIFC) recognizes XRP and TON, allowing financial institutions in Dubai the freedom to transact with cryptocurrencies
• XRP and TON have each enjoyed a series of bullish developments in 2023, including Ripple emerging from its long-term court case against the SEC
• The XRP and TON price prediction algorithms expect continued upside in the next 12 months following positive price action for both cryptocurrencies during 2023

Dubai International Finance Centre adds XRP and TON to the list of recognized cryptocurrencies

Dubai continues to establish itself as a hotbed of crypto activity following a series of positive regulations for the wider industry. Dubai regulators introduced crypto-friendly laws in 2021 and later updated them in 2022, and has since made a move to modernize its securities laws to accommodate crypto assets.

Most recently, Dubai International Finance Centre (DIFC) added XRP (XRP) and Toncoin (TON) to its list of recognized cryptocurrencies. XRP and TON join Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) as assets that can be used by financial institutions that operate under the jurisdiction of DIFC.

Ripple’s Brad Garlinghouse commended Dubai’s “pro-innovation” approach to DeFi and Web3 after news broke of the decision to recognize XRP, stating that Ripple will continue to double down its operations in crypto-friendly jurisdictions. Meanwhile, the Ton Foundation shared a positive update with its community after a period of sustained success for the project.

“The Dubai Financial Services Authority (DFSA) recognized two more tokens on Nov. 2, adding XRP and Toncoin (#TON) to its list of recognized tokens.”

Via @Cointelegraph?https://t.co/vvUOM422sX

— TON ? (@ton_blockchain) November 3, 2023

XRP and TON gain ground in 2023 thanks to major developments for each project

Ripple emerges victorious from its 3-year court case with the SEC

Ripple was charged by the Securities and Exchange Commission (SEC) in 2020 on the basis that XRP was an unregistered security when the company began its private and public investment rounds.

It is widely thought that the SEC trial held back XRP price action during the previous bull market, as investor confidence was harmed by the looming threat of legal action being taken against the organization.

However, in July 2023, Ripple received a positive ruling from a New York court. The judge deemed XRP “not necessarily a security,” which led to a major bullish move for the cryptocurrency. XRP skyrocketed +95% on the day of the court ruling, and the project has since reignited long-term institutional interest in its cross-border payment solution.

Toncoin’s “most exciting quarter ever” included a series of major project partnerships

Toncoin’s Q3 ecosystem report showed major progress in terms of the network’s rate of adoption. Every day during the quarter, there were a minimum of 1000 new wallet sign-ups on The Open Network (TON), which increased the total on-chain wallet addresses to over 800,000.

A representative of the project described it as “the most exciting quarter ever witnessed” since the project re-launched, culminating in an official partnership with Telegram — the instant messenger application that first created TON (and later abandoned the project due to regulatory concerns) all the way back in 2018.

Telegram announced that it will integrate TON Wallet into its instant messenger, providing seamless access to The Open Network for the application’s 800 million monthly active users. Since June 2023, the price of TON has risen +121%.

AI predicts XRP and TON price movements following the recent recognition from Dubai regulators

XRP set to retest pre-SEC trial high within the next year

The current price of XRP is $0.609, which is +77% up YTD following a positive year for the project in which it gained regulatory clarity from US regulators. The XRP price prediction algorithm expects the native token of RippleNet to enjoy sustained bullish action over the next year.

By May 2024, the algorithm expects XRP to hit $1.66 — a +172% gain from the current price. This would take XRP back to its 2021 range high that was formed during the peak of the previous crypto bull market.

TON is expected to rise a further +63% in the next year

TON’s recent bullish action has set the stage for continued upward momentum over the coming months. After more than doubling in value between June and November 2023, the TON price prediction algorithm forecasts another +63% gain for TON from the current price of $2.22.

In total, the forecasted move would take TON to a $3.62 price level in the next 12 months. From there, TON may seek to break the macro market structure by retesting its former high at the $4 price level, which was initially formed at the end of the 2021 bull market.

Bottom line: Financial institutions in Dubai can now use TON and XRP for digital currency transactions

Dubai’s status as a crypto-friendly regulatory environment has led to it becoming a Web3 hub. While its attitude towards digital assets has been welcoming, until now, it had only officially recognized 3 cryptocurrencies under the jurisdiction of DIFC. That’s similar to the SEC, which deems 68 cryptocurrency securities and is holding back broader adoption of crypto in financial markets.

The addition of XRP and TON to BTC, ETH, and LTC, can be seen as a major success story for the two assets in question. Each project was the subject of intense regulatory scrutiny in the US, with XRP being charged by the SEC and Telegram abandoning TON after legal action was threatened.

After a series of positive developments for both projects in 2023, culminating in XRP and TON being officially recognized by a world-leading financial district, it certainly seems as though the future is bright for both projects. In fact, just recently, the TON Blockchain broke the record for the fastest chain in the world.

The price prediction algorithm expects continued bullish action over the next year, with the potential for fresh highs to be made for both TON and XRP.