Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Ripple Embraces Token Independence as XRP Skyrockets 11%

Ripple Embraces Token Independence as XRP Skyrockets 11%

DailyCoinDailyCoin2023/11/12 14:21
By:DailyCoin
  • Ripple’s XRP has witnessed a remarkable price surge.
  • Recent developments for Ripple have sparked renewed community interest.
  • Regulatory approval from the DFSA has opened doors for institutional clients to integrate XRP into their services.

Despite facing criticism for over-centralization, Ripple has distanced itself slightly from its native token. However, recent positive events, such as a partial victory against the Securities and Exchange Commission (SEC) and engagements in central bank digital currency (CBDC) projects, have reignited interest within the community.

Ripple’s XRP witnessed a substantial surge of 11% in the market recently, riding on key developments designed to attract institutional investors. The blockchain payment platform’s native token saw a remarkable double-digit increase this week, outshining other altcoins amidst a broader positive trend in the cryptocurrency market.

Ripple’s XRP Sees Major Boost from Dubai Approval

Ripple gained approval for XRP from the Dubai Financial Services Authority (DFSA) under its digital asset framework. This regulatory green light means institutional clients can now incorporate XRP into their cryptocurrency services, marking a significant step forward.

Various jurisdictions, including Dubai, are actively working to establish digital asset hubs. Collaborations with cryptocurrency developers and institutional clients involve strategic measures such as license subsidies and substantial tax reductions.

Analysts foresee increased institutional investments in XRP, given the influx of major firms into these jurisdictions. The streamlined onboarding process for clients to the virtual asset further contributes to the positive outlook.

Ripple’s CBDC Platform to Launch Georgia’s Digital Lari

Additionally, Ripple disclosed its approval from the National Bank of Georgia (NBG) to facilitate its CBDC, the digital Lari, set to undergo a pilot phase. Ripple Labs, selected as the technology partner after a rigorous selection process, will deploy its CBDC Platform to implement the digital currency. 

This move grants the government access to assess the benefits of retail, wholesale, public, and private usage. The NBG emphasized Ripple’s selection based on its practical experience in conducting real-life pilots with a robust CBDC architecture.

On the Flipside

  • Despite a partial win against the SEC, the regulatory scrutiny on Ripple is far from over.
  • While Ripple is selected based on its experience in real-life CBDC pilots, the actual implementation of the digital Lari remains untested on a broader scale.

Why This Matters

As Ripple’s XRP navigates this surge propelled by institutional collaborations and regulatory approvals, its ascent becomes emblematic of a broader trend. The cryptocurrency market, once a niche sector, now witnesses a steady metamorphosis into a mainstream financial player.

To delve deeper into Ripple’s legal battle with the SEC and its $770 million disgorgement demand, explore the intricacies of this high-stakes confrontation here:
Ripples Squares up to Fight SEC’s $770M Disgorgement Demand

For insights into Ripple’s strategic move to establish three blockchain corridors on the African continent, uncover the details of this expansion initiative by clicking on:
Ripple to Establish 3 New Blockchain Corridors with Onafriq

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ripple announces tokenized money market fund launching on XRP Ledger

Ripple said a tokenized money market fund has launched on the XRP Ledger.The launch was made possible through a partnership with Archax, an FCA-regulated digital asset exchange.

The Block2024/11/25 21:23

The Daily: MicroStrategy buys record $5.4 billion in bitcoin, Sky Mavis cuts 21% of its workforce and more

Business intelligence firm and corporate bitcoin holder MicroStrategy purchased another 55,500 BTC for $5.4 billion between Nov. 18 and Nov. 24, according to an 8-K filing with the SEC on Monday.Axie Infinity crypto game developer Sky Mavis is laying off 21% of its workforce, affecting about 50 of its 250 global team, amid a “shift in priorities,” according to CEO and co-founder Trung Nguyen.Solana’s decentralized exchanges surpassed $100 billion in monthly trading volume for the first time, generating a r

The Block2024/11/25 21:23