XRP surges as major institutions adopt Ripple

XRP, the closely related cryptocurrency rippleprices have risen sharply, rising by more than 8% in the past 24 hours.

This growth propelled XRP to become the fourth largest cryptocurrency by market capitalization, temporarily overtaking it Binance Coin (BNB) from its position.

Active development of Ripple

XRP’s sudden price increase appears to be a reaction to two important developments involving Ripple, the company behind the cryptocurrency.

Despite the historical differences between Ripple and XRP, positive news related to the company tends to impact XRP’s performance.

Last week, Ripple achieved a major milestone that has fueled recent bullish sentiment.

That is:

Ripple receives approval from Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) has approved XRP under its virtual asset regime.

This regulatory green light allows licensed financial institutions within the Dubai International Financial Center to integrate and offer XRP to clients as part of their cryptocurrency services.

The move opens the door for wider adoption of XRP in Dubai’s financial sector.

Partner with Georgia National Bank

At the same time, Ripple announces partnership with Georgia National Bank (NBG) launches Digital Lari (GEL) pilot project. The initiative will leverage the central bank’s digital currency platform (CBDC) Ripple explores the possibilities of digital Lari.

Ripple’s platform, which has previously been adopted by the governments of Hong Kong and Taiwan, allows organizations to manage and customize all aspects of the CBDC lifecycle, including the minting, distribution, redemption and destruction of tokens.

Collaboration demonstrates practical application of this technology technology The Ripple of central bank digital currencies.

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