The XRP rate jumped by 13.8% over the past 24 hours, as a result of which the asset rose one place in the ranking of cryptocurrencies by market capitalization, displacing the BNB token from the Binance crypto exchange from fourth place. XRP trading volume grew from $1 billion to $2.5 billion over the same period, most of which came from spot trading. The rally could have been sparked by recent news of wider institutional adoption of the asset.

CoinGecko aggregator data

What else is known? On November 4, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual asset regulatory regime. This allows licensed firms in the Dubai International Financial Center (DIFC) to offer XRP to clients as part of their crypto services. On the same day, the Central Bank of Georgia announced that fintech company Ripple, which issues XRP, has been selected as a partner in the implementation of the digital lari project. The asset will be launched using Ripple's own platform for the creation of national cryptocurrencies by central banks (CBDC).

The authorities of Hong Kong and Taiwan have already begun to use this platform, and the Central Bank of New Zealand is also studying this possibility.