XRP’s Price On The Cusp Of Rally Following This Development?

Ripple, which is often shrouded in media coverage for its ongoing SEC lawsuit, recently announced its plans to develop a central bank digital currency (CBDC) for the Central Bank of Montenegro. The national bank will collaborate to further devise a plan to boost the CBDC’s circulation in the country. In the wake of this news, XRP’s price has breached the coveted $0.5 price mark and appears to be continuing its upward trajectory.

Ripple Bets Big On CBDCs

XRP has been on a roller-coaster ride this year as it has shown both unpredictable highs & lows. With Ripple making strides in the CBDC industry and garnering support over the SEC case, the XRP community braces for another fresh rally as the market sentiment turns bullish with Bitcoin surpassing the psychological level of $30,000.

Read More: MicroStrategy Stock Spikes As Its Bitcoin Bet Turns Green

While speaking about the recent partnership with the Montenegrin bank,  James Wallis, Ripple’s Vice President of Central Bank Engagements & CBDCs was quoted as saying:

Ripple has a proven track record of successfully connecting disparate payment systems and championing blockchain’s utility to issue Central Bank Digital Currencies and solve for global payments to hundreds of financial institutions around the world.

XRP Price Action

In light of this information, both the XRP community and the larger cryptocurrency market have reacted positively to the announcement. Participants in the market are of the opinion that this may eventually result in a bullish scenario for the XRP token.

Additionally, as reported earlier on CoinGape, Ripple became the only crypto firm to be awarded the platinum status in an upcoming global annual Digital Monetary Institute (DMI) CBDC Symposium to be held in London. As things currently stand, the price of XRP is exchanging hands at $0.53, which represents a gain of 5.32% over the past 24 hours in contrast to an increase of 4.06% recorded over the last seven days.

Also Read: Janet Yellen Says Inflation In US Still ‘Too High’, Ahead Of CPI Data Release

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.