Thursday, November 26, 2020
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XRP Poised to Act as Neutral Bridge Asset between CBDCs

As global central banks work to implement their own CBDCs, Ripple through RippleNet and XRP is eyeing to connect different global CBDCs.

XRP, XRPL native coin and also a part of Ripple’s bigger picture has been gaining traction, from retail traders, institutional investors and also as a means for an affordable payment system globally. Although the company is hardly focused on its market price on the shorter time frames, retail and institutional investors are keen on its performance as an asset investment. Recently Ripple has also stated that it’ is going to connect global CBDCs through its XRP.

According to metrics provided by CoinGecko, XRP had dropped 14.1% in the past 30 days through Thursday, it also had dropped 5.3% in the past seven days through Thursday and had added 5.5% in the past five days. At the time of writing, the asset was trading around $0.238.

On the other hand, Bitcoin has dropped 6.5% in the past 30 days through Thursday, dropped 2.9% in the past seven days and has added 2.3% in the past 24 hours. Notably, it was trading around $10,617 at the time of writing.

Also worth noting is that XRP had a market capitalization of around $10,751,923,612, and a daily traded volume of approximately $1,473,174,391. Hereby ranked the fourth position according to its market cap and dominance. There are around 45,097,364,449 XRP circulating in the global market. Technically, it recently broke its multi week and year falling trend and is possibly gathering new momentum to fuel a new bull rally.

XRP and Global CBDCs

In the 2017/2018 rally, almost all digital assets were affected by the crazy speculation that saw them hit their ATH. However, onwards, every digital asset will derive its value from the scale of challenge its solving for the greater humanity. As a result, Ripple has been laying strong foundations for XRP to succeed in years to come.

As global central banks work to implement their own CBDCs, Ripple through RippleNet and XRP is eyeing to connect different global CBDCs. The company indicates in its recent insights:

“Using a neutral and efficient digital asset like XRP also reduces the hegemonic influences of the most powerful nations and helps level the playing field in the international trade’s payment system”.

As an XRP investor, it’s worth noting that Ripple’s Navin Gupta has officially confirmed that the Indian HDFC Bank has joined RippleNet. In addition, Data from Whale Alert revealed that Chris Larsen, Ripple’s co-founder and Chairman transferred 499,999,979XRP to an unknown wallet.

In his defense, he tweeted:

“As some of you may have noticed, I moved an $XRP wallet to NYDIG. I’ve known the founders for a while, and am impressed by their security and top-notch institutional standards — this is truly custody 2.0.”

Notably, NYDIG provides digital asset services to investors around the world.

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