XRP, the cryptocurrency associated with Ripple, has made a significant move by surging 9% to reach an intraday high of $0.68, according to data from CoinGecko. This swell has brought XRP near to surpassing Binance Coin( BNB) in terms of market capitalization, with their values standing at $36.5 billion and $37.4 billion, respectively.
XRP Price Responds To Bullish Momentum
This price rally marks a remarkable achievement for XRP, as it now sits at its topmost position since August 2. Still, it’s important to note that XRP still has a significant distance to cover to reclaim its yearly high of $0.93, which was attained on July 13.
The recent swell in XRP’s price follows a vital legal win for Ripple Labs in a nearly watched case with the U.S. Securities and Exchange Commission( SEC). The civil court ruled in favor of Ripple Labs, determining that XRP deals were not to be distributed as securities, except in specific cases involving institutional deals.
In addition to this legal triumph, Ripple’s expansion in the realm of Central Bank Digital Currencies( CBDCs) has been making swells in the cryptocurrency space. Recent reports suggest that Ripple’s CBDC footprint is extending massively, with vindicated alliances in various countries, including Hong Kong, Bhutan, Palau, Colombia, Montenegro, Georgia, and India’s Digital Rupee.
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Ripple's CBDC footprint expands globally! 🌐✨ Partnerships confirmed in Hong Kong 🇭🇰, Bhutan 🇧🇹, Palau 🇵🇼, Colombia 🇨🇴, Montenegro 🇲🇪, Georgia 🇬🇪 & India's Digital Rupee 🇮🇳. Over 72+ central banks working with Ripple XRPL (#XRP) signal a…— WallStreetBulls (@w_thejazz) November 6, 2023
This international reach highlights the growing handover of Ripple’s technology, particularly its XRP Ledger( XRPL), which has gained attention from over 72 central banks worldwide. The cooperation between Ripple and these central banks signifies a significant step towards revolutionizing the financial industry.
Final Thoughts
Ripple’s technology is poised to streamline cross-border deals and give cost-effective results for global financial systems, potentially leading to increased effectiveness.
As XRP’s value continues to expand, and with a growing list of global alliances, it’s apparent that Ripple and XRP are ready for a provocative future. The cryptocurrency terrain is ever- evolving, and Ripple’s recent successes illuminate its intentions to play a vital part in reshaping the financial sector on a global scale.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.