XRP prices have surged in the last 24 hours, rising by over 8%, making it the fourth largest cryptocurrency in terms of market capitalization, temporarily displacing Binance Coin (BNB). Ripple (XRP) has been boosted by a number of milestones, including approval from the Dubai Financial Services Authority (DFSA) and a collaboration with the National Bank of Georgia (NBG).
Trading volumes and leverage have also contributed to XRP’s price rally. Ripple’s platform, previously adopted by the Hong Kong and Taiwan governments, allows institutions to manage and customize various aspects of the CBDC’s lifecycle, such as minting, distribution, redemption, and token burning. This partnership demonstrates practical application of Ripple’s technology within the central bank digital currency realm.
The chart below shows the recent XRP price rally:
The positive developments for Ripple have been the primary drivers of XRP’s price rally. The DFSA’s approval means that financial institutions in Dubai International Financial Centre are now allowed to offer XRP as part of their cryptocurrency services. In addition, the NBG’s digital Lari (GEL) pilot project will use Ripple’s CBDC platform to explore the possibilities of a digital Lari.
XRP’s performance is a testament to the potential of Ripple’s technology and its increasing adoption in the financial sector. Share this article and explore the related categories and tags to learn more.