The price of XRP, the cryptocurrency associated with Ripple, has seen a significant rally in recent days. Surging over 8% in 24 hours, XRP briefly became the 4th largest cryptocurrency by market capitalization.
Keypoints
XRP recently saw a significant price surge, climbing over 8% and becoming the 4th largest cryptocurrency by market cap.
The price rally appears driven by positive developments with Ripple, including regulatory approval from Dubai and a new partnership with the National Bank of Georgia.
Dubai granted approval for financial institutions to offer XRP services, opening adoption in Dubai’s financial sector.
Ripple is collaborating with the National Bank of Georgia on a digital Lari pilot using Ripple’s CBDC platform.
This shows the practical application of Ripple’s technology for central bank digital currencies.
The positive Ripple developments likely contributed to bullish sentiment and the XRP price rally, despite Ripple’s historical distinction from the XRP cryptocurrency.
Experts believe the price uptick is driven by recent positive developments related to Ripple. Last week, Ripple achieved two major milestones that likely contributed to bullish sentiment around XRP.
???? #XRPLedger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as $XRP moved up +23% against $BTC in just the past week. Wallets with 100K-1B $XRP now hold their highest level in 2023. https://t.co/v5wlgIQAhh pic.twitter.com/hvZbZ8S1UG
— Santiment (@santimentfeed) November 6, 2023
First, the Dubai Financial Services Authority (DFSA) granted approval for financial institutions within the Dubai International Financial Centre to offer and incorporate XRP services. This opens the door to greater XRP adoption in Dubai’s financial sector.
Second, Ripple announced a collaboration with the National Bank of Georgia to pilot a digital Lari currency using Ripple’s central bank digital currency (CBDC) platform. This demonstrates practical applications for Ripple’s technology with central banks.
“The Dubai approval and Georgian partnership are huge wins for Ripple that validate the real-world utility of their solutions,” said crypto analyst Darren Lau. “Seeing such adoption by major financial players boosts confidence in XRP’s future.”
The recent XRP rally highlights the close relationship between Ripple’s corporate developments and the XRP cryptocurrency, despite their technical separation. As Ripple continues cementing its standing through regulatory milestones and institutional partnerships, it appears to lift sentiment around XRP as well.
Moving forward, the cryptocurrency community will be monitoring whether XRP can maintain its newfound status as the 4th largest token by market capitalization. With the Ripple Swell event approaching, there is anticipation for major announcements that could fuel further bullish momentum. For now, XRP remains emboldened by Ripple’s accelerating adoption among global financial leaders.
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