XRP’s price jumped above the $2.30 level in U.S. pre-market hours Friday as its recovery gathered momentum in U.S. pre-market hours, while Bitcoin (BTC) continued to linger around the $82,000 mark following its recent slump.

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The broader cryptocurrency market has shown resilience despite the ongoing volatility in U.S. equities.

Bitcoin's price was at around $83,000, up 0.1% in the past 24 hours, according to CoinGecko data. Ethereum’s native token, Ether (ETH), gained 0.8%, trading near $1,900.

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However, XRP stood out, rising over 3% in the last 24 hours to reach $2.33, outpacing major cryptocurrencies.

XRP, the native token of Ripple Labs’ digital payments network, is attempting to regain lost ground after briefly dipping below $2 earlier this week for the first time since November.

Its latest rally comes on the heels of regulatory approval in the Middle East, adding fresh momentum to its recovery.

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On Thursday, Ripple announced it had secured authorization from the Dubai Financial Services Authority, allowing it to offer regulated crypto payment services in the UAE.

The approval marks Ripple’s first licensing win in the region, opening the door to the UAE’s $40 billion remittance market and $400 billion in international trade.

Beyond the regulatory milestone, speculation is mounting over a potential resolution to Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC).

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The SEC has pursued Ripple since 2020 over allegations that XRP sales violated securities laws. Journalist Eleanor Terrett wrote on X (formerly Twitter), citing unnamed sources, that the case may be nearing an end as the regulator reconsiders its aggressive stance on crypto enforcement.

Cases against Coinbase, Robinhood, and Kraken have been dismissed recently under the SEC’s new acting chair, Mark Uyeda, raising hopes that Ripple’s case could follow suit.

In this photo illustration, visual representations of digital cryptocurrency Ripple (XRP) and Bitcoin (BTC) are arranged on January 3, 2021 in Katwijk, Netherlands. (Photo by Yuriko Nakao/Getty Images)

On Stocktwits, retail sentiment around the XRP trended downward but remained in ‘bullish’ territory, accompanied by ‘high’ levels of chatter.

Many investors are eyeing any announcement from the SEC on the lawsuit, with one user joking that Friday would be a great day to announce its dismissal.

XRP’s token has surged 231% over the past year, far exceeding Bitcoin’s 14% gain, while Ethereum remains down more than 50% over the same period.

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