- Despite its ongoing legal issues, Ripple has launched a groundbreaking Central Bank Digital Currency (CBDC) platform to serve various institutional users.
- Ripple’s XRP has witnessed a significant increase in active addresses, surpassing an average of 1.1 million users.
Ripple is proving itself as a formidable player in the blockchain space, demonstrating resilience amidst its ongoing legal challenges and expanding the potential of the Ripple platform. Although the specifics of XRP’s role remain uncertain, the surge in active addresses and price trends ignite a sense of curiosity around its capabilities.
In an audacious move amidst legal entanglements with the SEC, Ripple, the powerhouse behind XRP, unveiled an innovative CBDC platform, further bolstering the potential of its cryptocurrency. The Ripple CBDC Platform is designed to cater to central banks, governments, and financial institutions, providing a frictionless end-to-end solution for creating and implementing Central Bank Digital Currencies (CBDCs).
The new platform utilizes the robust blockchain technology underpinning the XRP Ledger (XRPL), empowering users to efficiently manage and customize the entire lifecycle of their CBDCs, including transactions and distribution. While Ripple’s announcement didn’t specify XRP’s role on the new CBDC Platform, the news sparked optimism for the digital asset among observers.
Santiment data points to a substantial rise in active addresses for Ripple’s XRP in recent weeks. Starting in late May, this uptrend continued into June, pushing the number of active addresses to a record high. While the average number of active addresses initially hovered around one million, the number has now surpassed 1.1 million, indicating a sustained growth trajectory.
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However, the price performance of Ripple’s XRP exhibits a somewhat divergent trend compared to the wider market. Initially, the digital asset embarked on an upward trajectory, but it has since stagnated. At the time of writing, XRP trades at approximately $0.48, reflecting a decline of more than 4%.
Despite the overarching bearish sentiment, as suggested by the positioning of its Relative Strength Index (RSI) line, this downward trend is relatively weak. Any sudden price surge could potentially put XRP back on a bullish path. Worth noting is that XRP continues to trade above its short Moving Average, which currently acts as its immediate support level.
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