XRP surging as major institutions adopt Ripple

XRP surging as major institutions adopt Ripple
фото показано с : coinjournal.net

2023-11-6 15:15

Following the recent XRP price surge, Ripple (XRP) has become the fourth-largest cryptocurrency. Ripple’s milestones in Dubai and Georgia are some of the main boosters of XRP’s performance. Trading volumes and leverage have also impacted XRP’s price rally.

XRP, the cryptocurrency closely associated with Ripple, witnessed a significant surge in its price, climbing over 8% in the past 24 hours.

This surge propelled XRP to become the fourth-largest cryptocurrency by market capitalization, temporarily displacing Binance Coin (BNB) from its position.

XRP price chart

 

Positive Ripple developments

XRP’s sudden price rally appears to be a reaction to two key developments concerning Ripple, the company behind the cryptocurrency. Despite Ripple’s historical distinction from XRP, positive news related to the company tends to influence XRP’s performance.

Last week, Ripple achieved significant milestones that contributed to the recent bullish sentiment. These are:

Ripple’s approval by the Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) granted approval for XRP under its virtual assets regime. This regulatory green light permits licensed financial institutions within the Dubai International Financial Centre to incorporate and offer XRP to clients as part of their cryptocurrency services.

This move opens doors for the broader adoption of XRP within Dubai’s financial sector.

Collaboration with the National Bank of Georgia

Simultaneously, Ripple announced a partnership with the National Bank of Georgia (NBG) to launch the Digital Lari (GEL) pilot project. This initiative will leverage Ripple’s central bank digital currency (CBDC) platform to explore the possibilities of a digital Lari.

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, including minting, distribution, redemption, and token burning. This collaboration demonstrates the practical application of Ripple’s technology within the central bank digital currency realm.

The post XRP surging as major institutions adopt Ripple appeared first on CoinJournal.

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Ripple (XRP) на Currencies.ru

$ 2.4293 (-0.48%)
Объем 24H $6.561b
Изменеия 24h: 2.53 %, 7d: 12.15 %
Cегодня L: $2.3996 - H: $2.4673
Капитализация $139.468b Rank 3
Цена в час новости $ 0.7082 (243.02%)

xrp ripple milestones dubai performance boosters main

Источник: coinjournal.net

xrp ripple → Результатов: 126


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Ripple at crossroads as co-founder moves 30 million tokens amid reserve surge

Ripple (XRP), one of the most prominent cryptocurrencies, has garnered attention due to a series of significant market and on-chain events that have left the XRP community uneasy. With developments around large token transfers and increasing exchange reserves, questions have arisen about the future direction of XRP’s price. In this article, we explore these key […]

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A crypto analyst from the YouTube channel AllinCrypto presented a video to prove that Ripple’s XRP has the best chance of being used as a currency compared to other cryptos. His argument is that the strength of XRP is not that it uses a currency but that it can enable the existing fiat currencies’ capabilities […] The post Why Ripple’s XRP Has an Edge Over Bitcoin and Ethereum in the Race for Practical Cryptocurrency Adoption appeared first on CaptainAltcoin.

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