Popular XRP-focused analyst John Squire has suggested that XRP (XRP-USD) is currently tracing a technical path that investors have seen before. Writing on X, he explains that XRP is printing the “EXACT same descending wedge pattern that appeared before its massive breakout.” While Squire warns that many market participants might be ignoring the setup, he believes the next move could catch the entire market off guard. Highlighting the cyclical nature of these trends, his post on X reminds followers that “History doesn’t repeat, but it often rhymes.”
Ripple Advances in the UAE
Squire also shared his thoughts on how global regions are changing their approach to digital assets. His post on X details that the United Arab Emirates is now “embracing crypto innovation at a national level”. Because of this shift, Squire told his audience that the “future of finance is no longer a theory” but is something that is “happening now.”
Ripple has firmly planted itself in this region to support this growth:
- Ripple became the first blockchain-enabled payments company to receive a full license from the Dubai Financial Services Authority.
- This regulatory approval allows Ripple to offer various digital asset services directly to businesses and customers within the Dubai International Financial Centre.
- The Dubai Financial Services Authority also recently recognized Ripple’s dollar-backed stablecoin, RLUSD, for use by regulated firms in the region.
Combining these major regulatory wins in Dubai with technical chart patterns, Squire argues that XRP sits right in the middle of a massive global financial transformation.
At the time of writing, XRP’s price is sitting at $1.1747.
