Ripple, one of the world's leading blockchain companies, recently announced a partnership with the Royal Monetary Authority (RMA), Bhutan's central bank. According to the partnership, the central bank will use Ripple's CBDC solution to improve financial inclusion and sustainability. After the recent announcement, the price of XRP has risen significantly.
An effective and green solution
Bhutan is planning to expand its digital and cross-border payments infrastructure through Ripple's innovative technology. The country will use Ripple's solution to pilot a central bank digital currency in several stages. Ripple's CBDC solution leverages a private version of the public and open source XRP Ledger (XRPL).
Since early 2021, XRP Ledger adoption has increased dramatically. The company's CBDC solution is energy efficient. Ripple also pointed out that its central bank digital currency solution is extremely affordable and reliable.
“The RMA believes that easier, faster and more convenient payments, both domestically and internationally, will help meet its goal of increasing financial inclusion by 85% by 2023. The power of the technology behind XRP Ledger , combined with Ripple's expertise in cross-border payments and tokenization, will leverage the enormous speed, cost and innovation benefits to support this mission, ”Ripple said in the latest announcement.
In May 2021, Dubai's Lulu Exchange and the National Bank of Egypt partnered through RippleNet to smoothly execute cross-border payments from the United Arab Emirates (UAE) to Egypt.
Ripple and XRP announcement
Following Ripple's recent announcement, the price of XRP has risen more than 10% in the past 24 hours. XRP is now trading above $ 1 with a market cap of over $ 47 billion. XRP is the sixth largest cryptocurrency in the world. Last week, XRP's overall market cap exceeded Solana's total value (SOL).
Historically, Ripple's partnership announcements have had a positive impact on XRP's price. In August 2021, the cryptocurrency surpassed the market capitalization of $ 40 billion after GME's RippleNet announcement.
If the lawsuit with the US SEC goes well for Ripple, the price of XRP could benefit even more. To invest in XRP, BTC, ETH and many other cryptocurrencies, you can use the automatic trading platform Bitcoin system which allows professional or novice traders to buy and sell cryptocurrencies quickly and easily. Leave a comment below and let us know your experience.
