XRP Surges by 10% as Multiple Institutions Embrace Ripple's Services

XRP Becomes Top-Performing Major Cryptocurrency Amid Steady Bitcoin and Ethereum Prices

– In the past 24 hours, XRP has experienced a remarkable surge, solidifying its position as the top-performing major cryptocurrency, even as Bitcoin (BTC) and Ethereum (ETH) maintained their steady course.

XRP's price witnessed an impressive 11% surge before slightly receding on Monday. During this surge, trading volumes spiked to an impressive $2 billion, a significant increase from the $1 billion recorded on Sunday, according to data from CoinGecko. At the time of this report, XRP was trading at 69 cents, successfully ascending to the position of the fourth-largest token by market capitalization, surpassing BNB.

Analysis indicates that the bulk of the gains can be attributed to spot trading activity, with liquidations on XRP-tracked futures exceeding $4.4 million. Such a substantial amount of liquidations suggests that high leverage trading may have played a role in driving up prices.

Monday's surge lacked a specific immediate catalyst, yet it is possible that bullish sentiments were triggered by two favorable developments within the payments company Ripple from the previous week. Ripple achieved significant milestones, securing key approvals to operate and provide services in both Georgia and Dubai.

On Thursday, Ripple proudly announced the approval of XRP under the virtual assets regime by the Dubai Financial Services Authority (DFSA). This approval enables licensed entities within the Dubai International Financial Centre, a financial innovation sandbox, to integrate XRP into their cryptocurrency services and offer it to clients.

Simultaneously, the company unveiled its partnership with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot initiative. This pioneering project will leverage Ripple's central bank digital currency (CBDC) platform.

It is worth noting that both Hong Kong and Taiwan governments have already embraced this CBDC service, which was launched in May. The platform provides institutions with the capacity to oversee and tailor the complete lifecycle of the CBDC, encompassing issuance, distribution, redemption, and token burning. Notably, central banks can issue both wholesale and retail CBDCs, facilitating offline transactions as well.