XRP Price Jumps Over 10% as Ripple Facilitates Financial Services for Multiple Institutions
The price of XRP is experiencing a positive response as Ripple secures agreements with several institutions seeking various services from the company.
The price of XRP has seen a significant increase in the past 24 hours. XRP initially climbed 11% on Monday before settling at a 10.13% increase, according to data from CoinMarketCap. XRP now holds the position of the fourth-largest cryptocurrency by market capitalization, surpassing the BNB token. Data from CoinGecko also reveals that XRP’s trading volume rose from $1 billion on Sunday to $2 billion on Monday.
While the exact cause of this surge is uncertain, it is speculated that XRP may be reacting to news of Ripple providing payment services through XRP. The Dubai Financial Services Authority (DFSA) recently announced its approval of using XRP for the Dubai International Financial Center, adding XRP to the growing list of assets approved by the DFSA, including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).
Ripple CEO Brad Garlinghouse commended Dubai for its progressive approach to crypto regulation and expressed excitement about expanding Ripple’s presence in Dubai. Garlinghouse also stated that Ripple is eager to continue collaborating with regulators to maximize the potential of cryptocurrencies.
Factors contributing to the rise in XRP price include Ripple’s partnership with the National Bank of Georgia (NBG). The NBG has selected Ripple as its technology partner for the country’s Central Bank Digital Currency (CBDC) pilot project. This collaboration will involve Ripple utilizing its technology, including the XRP Ledger (XRPL), to facilitate the Digital Lari (GEL) project. Ripple’s CBDC platform is already in use in Taiwan and Hong Kong.
Ripple recently achieved a court victory against the United States Securities and Exchange Commission (SEC), which ruled that the retail sales of XRP do not constitute a security. Despite this win, Ripple was criticized for its institutional sales by the court.
Prominent crypto attorney John Deaton has suggested that a potential settlement fee of $20 million or less would be a “99.9% legal victory” for Ripple. Deaton, along with many community members, believes that a settlement would be favorable for Ripple.
In the midst of the ongoing legal case, Ripple executives have expressed concerns regarding the leadership of regulatory authorities. Ripple Chief Legal Officer (CLO) Stuart Alderoty recently voiced his apprehensions about the SEC’s regulatory approach. Similarly, Ripple CEO Brad Garlinghouse criticized former SEC Chair Jay Clayton for the agency’s handling of regulations. Ripple’s legal troubles began during Clayton’s tenure as SEC Chair.
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