XRP surges as major institutions adopt Ripple

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XRP surges as major institutions adopt Ripple
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 Binance Coin (BNB)’s position.

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

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

This cooperation demonstrates the practical application of Ripple technology in the field of central bank digital currency.

General Bitcoin News.

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