In the last 24 hours, XRP has experienced a notable price spike, making it the top-performing crypto among the majors.
XRP experienced a price increase of over 11%, which caught the attention of traders and investors. Although the price saw a slight retreat on Monday, it still managed to maintain solid upward momentum.
Trading volumes also exhibited a surge, rising from $1 billion on Sunday to $2 billion, according to data from CoinMarketCap.
At the time of writing, XRP was trading at $0.72, and interestingly, it managed to surpass Binance Coin (BNB) to become the fourth-largest token by market capitalization.
Data analysis suggests that the gains in XRP’s price were primarily driven by spot trading activities. Liquidations on XRP-tracked futures contracts reached a total of over $4.4 million.
Despite the notable price increase, there was no immediate catalyst to explain the gains. However, it’s possible that bullish sentiment was fueled by some developments involving payments firm Ripple from the previous week. Ripple secured approval to operate and provide services in Georgia and Dubai.
Recently, Ripple announced that the Dubai Financial Services Authority (DFSA) had given its approval for XRP under the virtual assets regime.
This enables licensed firms in the Dubai International Financial Centre, a financial sandbox, to incorporate and offer XRP to their clients as part of their crypto services.
Additionally, Ripple disclosed its collaboration with the National Bank of Georgia (NBG) to work on the Digital Lari (GEL) pilot project.
This project will leverage Ripple’s central bank digital currency (CBDC) platform. It’s worth noting that the Hong Kong and Taiwan governments are already using this CBDC service, which was launched in May.
Institutions can utilize the platform to manage and customize the entire life cycle of the CBDC, which encompasses activities like minting, distribution, redemption, and token burning.