Can XRP Price Reach $3 After Partnership Between Ripple and Central Bank of Georgia?

Ripple, the company behind the cryptocurrency XRP, has signed an agreement with the Republic of Georgia to digitalize the local economy. The price of XRP has been dangling between €0.44 and €0.50 cents for weeks. Does this news push the XRP price to new highs?

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Cooperation with the National Bank of Georgia

The National Bank of Georgia (NBG) recently met with top Ripple officials to discuss the alliance financial technology and digitalization to reinforce. During this meeting, Natia Turnava, acting governor of NBG, and Varlam Ebanoidze, head of the bank’s financial and supervisory technology department, spoke with James Wallis, vice president of central banking relations at Ripple.

Previous collaboration between Ripple and Georgia

This new collaboration builds on the previous alliance between the Georgian central bank and Ripple, where Ripple served as the official technology partner for creating the lari, Georgia’s digital central bank money (CBDC).

Ripple’s Global CBDC Efforts

Ripple has not only focused on Georgia, but has also collaborated with financial institutions around the world to create digital versions of national currencies. Ripple strongly believes in the potential of through central banks issued digital currencies (CBDCs) to promote financial inclusion, streamline cross-border payments and support monetary policy.

Continued growth of Ripple

Ripple’s continued growth comes despite ongoing legal challenges stemming from a December 2020 Securities and Exchange Commission (SEC) case. The outcome of this case is expected in September, but despite these legal challenges, Ripple continues to grow and attract ultra- bullish use cases are getting a lot of attention, potentially driving the XRP price to new all-time highs, with $3 a target.

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