Implications of Ripples Collaboration with National Bank of Georgia on XRP Investors

Highlights:
– Ripple strengthens its partnership with the National Bank of Georgia to digitize the Georgian economy using blockchain technology.
– XRP’s value may increase if adopted by BRICS nations.


Ripple National Bank of Georgia
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LUCKNOW (CoinChapter.com) — In a bid to promote the adoption of central bank digital currencies (CBDCs) and foster financial innovation on a global scale, Ripple has enhanced its collaboration with the National Bank of Georgia (NBG). The partnership aims to explore innovative ways to digitize the Georgian economy and advance the central bank’s digital currency project, the digital lari.


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Meetings to Enhance Fintech Cooperation
Key representatives from Ripple and the NBG recently met in Tbilisi, the capital of Georgia. Natia Turnava, the acting governor of the NBG, and Varlam Ebanoidze, the head of the bank’s financial and supervisory technology development department, engaged in discussions with James Wallis, Ripple’s Vice President of Central Bank Engagements.
During the meeting, Wallis introduced Alistair Brown, a representative from EPAM Systems, a strategic partner of Ripple specializing in software engineering, digital platforms, and product design. The discussions focused on potential collaboration opportunities to further digitize the Georgian economy.
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Expanding the Existing CBDC Partnership
This extended collaboration builds upon the already existing partnership between the NBG and Ripple. Back in September 2023, the NBG announced its intentions to advance CBDC research and invited nine companies to participate in the digital lari project. Ripple Labs was one of the selected companies and eventually became the official technology partner for developing the digital lari.


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Apart from Georgia, Ripple Labs has been actively involved in CBDC pilots and related initiatives in countries like Colombia, Bhutan, Palau, and Montenegro. A majority of banks in Japan, approximately 80%, have established strategic partnerships with Ripple to implement its blockchain payment solutions.
The company has also released a comprehensive white paper highlighting the significance of CBDCs in facilitating asset tokenization and blockchain-based innovations. Ripple’s expertise in distributed ledger technology, cross-border payments, and financial infrastructure positions it as a valuable partner for central banks and regulatory bodies exploring CBDC implementations.
Future Outlook for XRP
Despite its partnership with the NBG, Ripple’s native token, XRP, has not experienced a significant impact. However, experts speculate a potential surge in XRP’s value if influential BRICS nations consider incorporating XRP into their financial systems.
Presently, XRP is trading around $0.48021, with a minimal 0.01% gain from the previous day’s closing price.


XRP/UsD Daily Price Chart. Source: TradingView
The Simple Moving Average (SMA) at $0.50223 indicates a bearish sentiment as the price remains below this crucial moving average.
Since reaching highs near $0.75 in mid-March, XRP has been on a notable downtrend. The price has been encountering strong resistance around the $0.50 level, struggling to sustainably surpass it. With the Relative Strength Index (RSI) at 32.60, the momentum is currently neutral, with neither buyers nor sellers holding a significant advantage.
A convincing break above the SMA 9 and the $0.50 resistance level could potentially lead XRP towards the next resistance at $0.55-$0.60. Conversely, a breach below the current support levels around $0.47-$0.48 may trigger further selling pressure, potentially pushing XRP towards the $0.40 psychological support. Overall, technical indicators suggest a consolidation phase for XRP, with the price trading within a specific range.