Why Is XRP Rallying 8% Today?

Ripple’s native token, XRP XRP/USD, has experienced a surge of 8% today, surpassing the performance of Bitcoin BTC/USD and Ethereum ETH/USD in the last 24 hours.

What Happened: As of the time of writing, XRP was trading at $0.67, while both Bitcoin and Ethereum recorded slight declines of 1.06% and 0.73% respectively during the same period.

This surge coincides with Ripple’s collaboration with the National Bank of Georgia, as they join forces to explore the potential use cases of a central bank digital currency (CBDC) within the country.

In a statement, Ripple expressed their belief that by leveraging the Ripple CBDC Platform. "By harnessing the power of the Ripple CBDC Platform, this pilot will pave the way for transformative advancements in the utilization of Blockchain technology within the public and private sectors," the statement said.

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Why It Matters: Additionally, recent rumors have circulated regarding Ripple’s potential foray into an Initial Public Offering (IPO). Naturally, concerns have surfaced within the XRP community regarding the potential long-term impact on the value of XRP if Ripple were to proceed with an IPO. 

However, it should be noted that Ripple has not made an official declaration regarding their intention to go public. 

Photo Courtesy: Diamond Visuals On Shutterstock.com

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