Ripple expands potential as XRP forges ahead despite legal battle
HD: Ripple Forges Ahead Amid Legal Battles, Expands Ripple Platform’s Potential
- Ripple launches a CBDC platform that caters to different institutional users.
- XRP active users see a spike and an average of over 1 million active users.
Ripple is boldly navigating through its ongoing legal challenges, venturing further into expanding the potential of the Ripple platform. While the specific involvement of XRP remains ambiguous, important indicators reveal a surge in curiosity surrounding its potential.
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Ripple launches CBDC platform
Despite being entangled in an enduring legal dispute with the SEC, Ripple, the driving force behind XRP, remains undeterred. It recently launched a platform that could bolster the potential of its cryptocurrency.
In a noteworthy move, Ripple recently unveiled the Ripple CBDC Platform. This would be an innovative solution catering to central banks, governments, and financial institutions. This frictionless end-to-end platform would empower them to create and deploy their central bank digital currencies (CBDCs).
Furthermore, the platform would harness the power of the same blockchain technology that underpins the XRP Ledger (XRPL). Through this enhanced platform, users can seamlessly manage and tailor the entire life cycle of fiat-based CBDCs, including transactions and distribution.
While the specific role of XRP on the Ripple CBDC Platform was not explicitly stated, the recent announcement sparked optimism surrounding the asset. The positive reception suggested that this development has generated favorable sentiments towards XRP.
Ripple XRP addresses gets more active
According to Santiment, Ripple’s XRP experienced a notable upswing in active addresses over the past few weeks. Analyzing the chart revealed that this surge in active addresses began in late May, and June witnessed a further increase. Thus, the active addresses reached an all-time high.
Initially, the average number of active addresses hovered around 1 million, but a clear upward trend emerged. This pushed the average to approximately 1.1 million. As of this writing, the number of active addresses had surpassed 1.1 million, indicating continued growth.
XRP on a daily timeframe
Initially, Ripple’s XRP experienced a distinct price trend that diverged from the broader market, embarking on an upward trajectory. However, in recent days, its price movement has become stagnant, lacking a clear indication of an upward or downward trend.
As of this writing, XRP was trading at approximately $0.48, reflecting a decline of over 4%. Notably, the overall trend appears bearish, as indicated by the positioning of its Relative Strength Index (RSI) line.
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However, this bearish trend was relatively weak, and a sudden price surge could propel XRP back into a bullish trajectory. It is also worth mentioning that XRP was still trading above its short Moving Average (yellow line). It also served as its immediate support level.