Ripple Now Platinum Partner In Global CBDC Symposium; XRP Price To Rally?

The annual global annual Digital Monetary Institute (DMI) Symposium held in London expands the scope of discussion on practical and theoretical aspects of digital currencies like CBDCs and the future of financial markets. The event which has been attended by 126 central banks, U.S. Treasury and experts from across the digital financial sector has named Ripple as their sole “premium partner” for this year’s symposium. In the minutes following the release of this news, the price of XRP increased by 0.35%.

Ripple Reckoned With Platinum Status

The annual symposium, which is scheduled to begin on the 10th of May and will be a two-day event, is anticipated to attract participation from around 40 speakers who are members of OMFIF’s global community of public and private sector representatives. These individuals include the likes of governors from the central banks of Israel, Ghana, and Italy, among others.

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As one of the event’s primary speakers, Susan Friedman, who is currently the Head of Public Policy at the cryptocurrency company Ripple, will be there to promote the company’s vision for the larger fintech industry. The event is anticipated to be a pivotal gathering regarding CBDCs, money transfer regulation, decentralized applications (DApps) in business, and other related topics.

XRP Price Action

Ripple, is already in the works with several high-profile CBDC projects around the world, contributing both technical expertise and research. Recently, it has begun working with other digital currency ideas including the Euro, the Pound, and others. As reported earlier on CoinGape, Ripple’s XRPL Ledger got its first USD stablecoin — the decentralized alternative to the CBDC — with the Stably USD, represented by the ticker symbol USDS.

In light of this news, the XRP community and the larger crypto market have responded favorably to the announcement, as market participants are of the opinion that this might eventually result in a bullish scenario for the XRP token. As things currently stand, the price of XRP is exchanging hands at $0.51, which represents a gain of 0.52% over the past 24 hours in contrast to a drop of 0.06% recorded over the last seven days.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.