Ripple's significant growth in just 24 hours
Ripple cryptocurrency had a significant growth during the last day and night with an 8.5% increase in price, and in this respect, it is one of the market leaders; That is, it surpassed Bitcoin and Ethereum. Studies show that this growth can be caused by positive news about this network during the last few months.
following the significant price growth of this currency during the past day and night, the attention of investors and those interested in the cryptocurrency market has been drawn to this popular cryptocurrency again. Ripple, which has now expanded its international activities after winning against the Securities and Exchange Commission, is seeking cooperation with global banks and financial institutions.
Ripple with the symbol XRP has managed to attract more attention in the last 24 hours by registering a better performance than major cryptocurrencies such as Bitcoin and Ethereum. The price of this currency reached $0.67 with a significant increase of 8.5% on Sunday, and its trading volume increased from $1 billion to more than 3 billion during the last day and night. It is worth mentioning that the fifth-ranked Ripple overtook Binance Coin for a few hours to become the fourth cryptocurrency in the market in terms of total value.
Santiment, an on-chain data analysis company, noted this growth in a post on the X social network today and said: Ripple has grown by 23% against Bitcoin over the past week alone. Currently, wallets with a balance of 100 thousand to 1 billion units of this currency have 45.8% of the total supply, which is their highest level during 2023.
Beyond the importance of the restocking of whales, the current price increase is due to two important developments of this company at the global level. This series of positive news fuels the optimism of various investment groups towards the future of this network.
The Dubai Financial Services Authority issued a statement on November 2 agreeing to list the cryptocurrency Ripple on its list of supported cryptocurrencies. This causes Ripple to be recognized in the Dubai International Financial Center. This approval allows more than 4,000 financial institutions operating in this special economic zone to use it to conduct their transactions. This news evokes a promising path for the adoption of Ripple in Middle East countries. A region that is increasingly using digital currencies thanks to leading countries.
In addition, Ripple's recent collaboration with the National Bank of Georgia in the Lari Digital pilot project has attracted the attention of investors. The National Bank of Georgia has announced the Ripple Labs blockchain network as its official partner for the development of Digital Larry. The technology company Ripple Labs announced in its statement after this agreement: This partnership includes the implementation of a pilot project of Digital Larry through Ripple's CBDC platform. The Central Bank of Georgia hopes that by benefiting from our capabilities and using this creative platform, it will be able to correctly evaluate the potential applications of digital lari, determine its benefits for various sectors of the industry and special applications for microtransactions.
But we must not forget that the beginning of this company's international adventures goes back to its recent victories against the United States Securities and Exchange Commission. On October 19 of this year, the US Securities and Exchange Commission dropped all remaining charges against Ripple CEO Brad Garlinghouse and Ripple Executive Chairman Chris Larsen, preventing any future claims from the SEC. It should be noted that with the potential approval of Bitcoin and Ethereum spot trading funds in the first quarter of 2024, it is possible to send large capital to the cryptocurrency market, especially popular currencies.
