XRP's price is eyeing a breakout from a classic chart pattern in the near future

XRP (XRP) has been consolidating inside a descending triangle pattern since topping out at its seven-year high of $3.40 on Jan. 16.

XRP price is currently consolidating inside a descending triangle pattern on the daily time frame.

The triangle's horizontal line provides support at $2.00, while its upper trendline provides resistance.

XRP/USD has left behind a sequence of higher lows over the last four days at the upper trendline.

Image: XRP/USD price chart by TradingView

If XRP's price manages to break above the triangle's upper trendline at $2.30, it could rally towards the $3.00 psychological level.

This level has recently rejected the price twice, suggesting strong selling pressure at this zone.

A move past $3.00 would push the price further toward the next major resistance at $3.27 and later to the multi-year high at $3.40, marking a potential 30% to 46% rally.

Meanwhile, crypto analyst CrediBull Crypto says that XRP's drop to sub-$2.00 levels provides a perfect entry for buyers, who are targeting profits around $3.40.

Manifest destiny. $XRPhttps://t.grademiner.com/article/ripple-prepares-for-direct-cross-border-payments_1176866

pic.twitter.com/FyeWfMrw5z

— CrediBull Crypto (@CrediBull) March 11, 2024

On March 13, Ripple announced that it had secured approval from the Dubai Financial Services Authority to offer regulated crypto payment services in the United Arab Emirates.

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.

Related: Price analysis 3/12: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR

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.

“This is huge news!”

According to commentator Vincent van Code, Ripple’s DFSA license in Dubai’s DIFC is a game-changer.

This positions the company as a leader in regulated crypto payments across the UAE’s $40B cross-border market.

The news comes amid reports that another major cryptocurrency could soon be available for use in the country.

Earlier this week, reports claimed that Bitcoin (BTC) is expected to be fully legal in the Middle Eastern nation by April 1.

The news broke after the Central Bank of Iran reportedly granted permission for the use of Bitcoin in the country for cross-border payments.

This decision was made in response to the difficulties faced by Iranian banks in processing international transactions due to US sanctions.

However, in a statement released on March 11, the bank said that the reports circulating in cyberspace regarding the use of Bitcoin in the country's banking system are "not true."

"The news published in cyberspace about the permission granted by the Central Bank to use Bitcoin in the banking system for cross-border transactions is not correct," the statement reads.

"The Central Bank has not yet permitted the use of any cryptocurrencies in the country's banking system."

The statement went on to explain that the bank had previously announced its opposition to the use of cryptocurrencies in 2021.

"The Central Bank has repeatedly stated that it does not recognize any cryptocurrency and that any activity in this field is not subject to the supervision and regulation of the Central Bank."

Despite this, the Iranian government is reportedly planning to launch its own Central Bank Digital Currency (CBDC) by March 2024.

According to the governor of the Central Bank, Mojtaba Khashchi, the CBDC will be unveiled at the upcoming Blockchain and Cryptocurrency Conference in Kish Island.

"The Central Bank's initiative in launching the national cryptocurrency will be unveiled at the Kish Blockchain Conference," Khashchi said.

"This event will bring together experts and enthusiasts from around the world to discuss the latest trends and advancements in the blockchain and cryptocurrency industry."

The move to legalize Bitcoin for cross-border payments comes as part of the government's efforts to circumvent sanctions and promote economic growth.

With the new legal framework in place, major cryptocurrency exchanges like Binance and Huobi are expected to apply for licenses to operate in the UAE.

This will open up new opportunities for both institutional and retail investors to participate in the rapidly growing digital asset market.

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