Cryptocurrency market analysts explain the sharp growth of one of the most popular digital tokens

The rate of the digital coin XRP has increased significantly over the past day. Cryptocurrency experts note that the crypto asset showed positive dynamics on both the weekly and monthly timeframes. According to many traders, it’s not just the fact that the project’s parent company, Ripple Labs, won a lawsuit against the U.S. Securities and Exchange Commission (SEC). They believe that the 9.2% rise in quotes over the past day is due to other reasons.

Over the past 24 hours, XRP has been ranked 4th among all digital coins and tokens in terms of profitability. Trading volumes jumped to $ 2.52 billion per day. The digital asset even managed to overtake Binance Coin (BNB). The coin is traded for $ 0.7 on average.

Industry analysts explain that the catalyst for the growth of XRP was two positive events at once: Ripple management received official permits to operate and distribute its services in Georgia and the UAE. Entrepreneurs said that the Dubai Financial Services Authority (DFSA) has approved XRP as part of the virtual asset regime. This will allow licensed organizations in the International Financial Center to offer the cryptocurrency to their clients.

It was also announced that Ripple will start working with the National Bank of Georgia (NBG) on a pilot project of the Digital GEL, the official cryptocurrency of the country’s Central Bank (CBDC).

It should be added that XRP quotes have already jumped by 26% over the past week. This is the best result among the top 30 cryptocurrencies. In addition, over the past month, the price of the coin has risen by 36.3%, and over the course of 1 year, this figure has reached 109.74%. Among the top 10 digital assets, only BTC has risen in price more than others — by 112.85%.