XRP Price Surpasses BNB After Impressive 27% Weekly Gain
The price of XRP, the native token of the XRP Ledger, has experienced a remarkable increase of over 7% in the past 24 hours and more than 27% in the past week. This surge in price can be attributed to various developments related to Ripple, the company behind XRP.
Currently, XRP is trading at $0.712, and its recent surge has propelled it to become the fourth-largest digital asset by market capitalization, surpassing Binance’s BNB token.
The surge in XRP’s price seems to be driven by spot trading, as the futures market witnessed only $4.4 million worth of XRP contracts being liquidated. Although the catalyst behind this surge is not clear, it coincides with the National Bank of Georgia (NBG) selecting Ripple as its partner for the Digital Lari pilot project, which aims to explore the potential of Ripple’s Central Bank Digital Currency (CBDC) platform.
Ripple, previously known as OpenCoin, is a major player in the XRP ecosystem. The company was established in 2012 and was allocated 80 billion XRP, the majority of which were put into escrow.
In addition to the NBG partnership, XRP has gained further traction in Dubai’s financial sector, as the Dubai International Financial Centre (DIFC) expanded its virtual assets framework to include XRP.
Historical data suggests that XRP could experience an estimated 77% surge during November, as the cryptocurrency has shown significant price increases during this month in the past. However, November has been mostly unprofitable for XRP in the last five years, except for a substantial gain of 178.3% in 2020.
The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptoassets carries a risk of financial loss.