In the last 24hours, XRP surged to become the best-performing cryptocurrency major while ether (ETH) and bitcoin (BTC) remained stable.
According to CoinGecko data, prices increased by more than 11% before somewhat declining on Monday. Trading volumes increased to $2 billion from $1 billion on Sunday. When this article was written, XRP was trading for 69 cents, overtaking BNB as the fourth-largest token in terms of market capitalization.
Information reveals that the gains were mostly driven by spot trades when liquidations on XRP-tracked futures exceeded a little over $4.4 million. A sizable amount of liquidation might have indicated that prices were raised by the use of significant leverage.
On Monday, there was no clear reason for the gains. The two encouraging developments for payments startup Ripple last week—the company receiving important licences to operate and provide services in Georgia and Dubai—may have caused bulls to react, though.
According to Ripple, last Thursday was the day that the Dubai Financial Services Authority (DFSA) authorised XRP under its virtual assets regime. This means that XRP can now be included in crypto services offered by licenced firms in the financial sandbox known as the Dubai International Financial Centre.
Using its central bank digital currency (CBDC) platform, the company announced that it would begin collaborating with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project that same day.
The government of Taiwan and Hong Kong has already made use of the CBDC service, which went live in May. The platform allows institutions to administer and personalise every step of the CBDC life cycle, including token burning, distribution, redemption, and minting.
CBDCs can be issued by central banks for both retail and wholesale use, and they can also be used for offline transactions.
Ripple has historically maintained a distance from XRP, the token that powers some of its products and the XRP Ledger network. But any progress in Ripple’s court cases, or licenses, clearly impacts XRP prices as traders consider the two related