XRP has jumped the most among major cryptocurrencies in the past 24 hours, while Bitcoin and Ethereum have remained stable. The price increased by more than 11% before falling back slightly on Monday, with trading volume increasing from $1 billion on Sunday to $2 billion, according to CoinGecko. XRP is now trading at 69 cents and has surpassed BNB to become the fourth-largest cryptocurrency by market capitalization.

Data suggests that the gains were primarily driven by spot trading, as liquidations on XRP-tracked futures totaled only over $4.4 million. The large liquidation amount suggests that high leverage may have contributed to the price increase.

There was no immediate catalyst for the gains on Monday. However, bulls may have been reacting to two positive developments for Ripple, a payments company, from the previous week. Ripple received key approvals to operate and provide services in Dubai.

Ripple announced last Thursday that the Dubai Financial Services Authority (DFSA) had authorized XRP under its virtual assets regime, allowing licensed firms in the Dubai International Financial Centre, a financial sandbox, to incorporate and offer XRP to clients as part of their crypto services.

The company also announced on the same day that it would begin collaborating with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project, which will utilize Ripple's central bank digital currency (CBDC) platform.

The CBDC service was launched in May and is already being used by the governments of Hong Kong and Taiwan. Institutions can use the platform to manage and customize the entire life cycle of the CBDC, including minting, distribution, redemption, and token burning. Central banks can also produce wholesale and retail CBDCs that can be used for offline transactions.

Ripple has traditionally kept its distance from XRP, the token that powers some of its products and the XRP Ledger network. However, any progress in Ripple's court cases or licenses clearly has an impact on XRP prices because traders perceive the two to be related. #BTC #XRP $XRP $BTC