XRP Soars 11% After Ripple Collaborates With Dubai And Georgia Financial Authorities

XRP crypto assets. (Photo; Doc. The Market Periodical)

JAKARTA - XRP, the fifth-largest cryptocurrency in the world, recorded a significant price increase in the past 24 hours. XRP managed to approach BNB by penetrating a market cap of $37 billion. This strengthening was triggered by various factors, including Ripple's cooperation with Dubai financial authorities and the Georgia central bank.

Ripple, the developer XRP, offers fast and inexpensive cross-border payment services through XRP. Recently, Ripple received approval from the Dubai Financial Services Authority (DFSA) to use XRP at the Dubai International Financial Center. This is an important step for Ripple to expand its market in the Middle East.

Brad Garlinghouse, CEO of Ripple, appreciates Dubai for its open and supportive stance on crypto. He said that Ripple will increase its presence in Dubai as the city shows global leadership in terms of innovation and virtual assets. He also stated that Ripple will continue to collaborate with regulators to optimize crypto potential.

Apart from Dubai, Ripple is also collaborating with the National Bank of Georgia (NBG), a central bank in Georgia. NBG chose Ripple as a technology partner to develop a Central Bank Digital Currency (CBDC) pilot project in the country. The project will use Ripple technology, including XRP Ledger (XRPL), to create a Digital Run (GEL), Georgia's national digital currency.

NBG said it chose Ripple because of its team's technical advantages and expertise. Ripple already has experience in developing CBDC platforms in Taiwan and Hong Kong. Using XRPL, NBG hopes to increase efficiency, security, and financial inclusion in Georgia.

Another factor that might affect the price of XRP is the development of legal cases between Ripple and the United States Securities and Exchange Commission (SEC). The SEC accused Ripple of selling XRP as a security without permission. However, Ripple managed to win part of the lawsuit in court.

John Deaton, a well-known crypto lawyer, argues that Ripple could settle the case by paying a fine of $20 million (IDR 314.6 billion) or less. He believes that the settlement will benefit Ripple and free XRP from securities charges. Many crypto community members support Ripple and hope this case can be resolved soon.

Meanwhile, Ripple executives also criticized the SEC for its inconsistent and unfair regulatory approach. Stuart Alderoty, Ripple Chief Legal Officer (CLO), criticized the SEC for acting arbitrarily and changing. He gave the Coinbase case an example, which was banned by the SEC from launching new products for no apparent reason. He also questioned Gary Gensler's leadership, the current SEC chairman.

Brad Garlinghouse, CEO of Ripple, also attacked former SEC chairman Jay Clayton, who started a legal case against Ripple before he resigned in December 2020. Garlinghouse accused Clayton of having a conflict of interest as he joined Bitcoin and Ether-related companies, two crypto assets excluded from securities regulations.

XRP is one of the oldest and most popular cryptocurrencies in the world. XRP has many fans and users who believe in Ripple's vision and mission to create a better global payment system. With the various positive cooperation and developments going on, XRP has the potential to continue to increase its value and reputation in the crypto market.