The price of %Cryptocurrency %XRP has risen 10% in the last 24 hours to become the top-performing digital token, surpassing the movements seen in both %Bitcoin ($BTC) and %Ethereum ($ETH).
The price of XRP jumped higher, with trading volumes reaching $2 billion U.S., on reports of greater adoption of Ripple, the decentralized finance (DeFi) system associated with XRP.
The XRP token is currently trading at $0.69 U.S. and is now the fourth-largest cryptocurrency by market capitalization.
In the last week, Ripple won key approvals to offer services in the U.S. State of Georgia and the Middle Eastern country of Dubai.
The Dubai Financial Services Authority (DFSA) has approved XRP under its virtual asset regime, allowing licensed firms in the country to offer XRP as part of their crypto services.
At the same time, Ripple said it would start working with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project, which will use the firm’s central bank digital currency (CBDC) platform.
Institutions can use the CBDC platform to manage and customize their crypto and DeFi offerings, which includes minting, distribution, redemption, and token burning.
Ripple has historically maintained a distance from XRP, the token that powers some of its products and the XRP Ledger network.
However, any success or progress with Ripple tends to move the price of XRP higher. So far this year, XRP’s price has risen 102%.