XRP surging as major institutions adopt Ripple

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XRP surging as major institutions adopt Ripple

By Charles Thuo - min read
  • 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.