XRP Surges By 17%, Displaces BNB on Market Cap Ranks
Ripple partner with the Reserve Bank of India triggering a dramatic price increase action in XRP with 17% leap in 24 hours
XRP price action sees a rapid surge of 17% in the last 24 hours propelling it to become the fifth-largest cryptocurrency by market capitalization above BNB. The dramatic surge in the last 24 hours reached a price point not seen since 2018 at $1.74 and was accompanied by a surge in daily trading volume to $8.4 billion.
However, the implications extend beyond market fluctuations. Ripple Labs, creators of XRP, and the Reserve Bank of India (RBI) collaborated, driving this significant rise.
Ripple XRP Partner with Reserve Bank of India
The partnership focuses on integrating XRP Ledger (XRPL) into the RBI’s initiative for the Digital Rupee, a Central Bank Digital Currency (CBDC).
The RBI’s formal announcement regarding this collaboration highlights the potential of blockchain technology and the XRPL’s capabilities for facilitating efficient and secure cross-border transactions.
Furthermore, India launched the Digital Rupee in February 2020 as a tokenized digital version of the Indian Rupee, and it serves both wholesale and retail applications. Initially targeted at financial institutions, its eventual rollout will encompass consumer and business transactions.
The XRPL, a decentralized, public blockchain, is renowned for its high performance and low-cost transaction capabilities. Its ongoing maintenance by a global community ensures its stability and reliability. XRPL’s integration into the Digital Rupee’s cross-border transaction infrastructure will significantly benefit the Indian economy by enabling swift and cost-effective international payments.
The RBI anticipates leveraging the XRPL’s speed and scalability to process up to 1,500 transactions per second. This capacity ensures the Digital Rupee can efficiently handle a wide range of financial transactions while the XRPL’s robust security features mitigate fraud and maintain transaction integrity. Furthermore, the XRPL’s compatibility with existing financial systems allows for seamless integration with current banking and financial infrastructure.
The RBI anticipates that this partnership will streamline digital transactions, reducing the time and cost associated with traditional banking methods. Swift and secure transactions will stimulate economic activity and expand India’s economic structure. Crucially, the XRPL-backed Digital Rupee has the potential to enhance financial inclusion by serving remote and underserved communities.
