Ripple Enhances CBDC Partnership with National Bank of Georgia to Boost Economic Digitization
Ripple has taken a step forward in its collaboration with the National Bank of Georgia (NBG) to accelerate the adoption of central bank digital currencies (CBDCs) and promote financial innovation globally. The primary objective of this partnership is to explore innovative ways to digitize the Georgian economy using blockchain technology, particularly focusing on the development of the digital lari, the NBG’s CBDC project.
High-Level Meetings Foster Fintech Cooperation
Key officials from Ripple and the NBG recently met in Tbilisi, Georgia’s capital, to discuss potential avenues for collaboration. 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. The meeting also included Alistair Brown from EPAM Systems, a strategic partner of Ripple specializing in software engineering, digital platforms, and product design.
Expanding on Existing CBDC Partnership
This strengthened collaboration builds upon the existing partnership between the NBG and Ripple, which began in September 2023 when the NBG announced its plans to advance CBDC research. Ripple Labs was selected as the official technology partner for developing the digital lari following this announcement. In addition to Georgia, Ripple Labs has been actively involved in CBDC initiatives in countries like Colombia, Bhutan, Palau, and Montenegro.
Future Prospects for XRP
While Ripple’s partnership with the NBG has not had a significant impact on its native token, XRP, some experts believe that XRP’s value could potentially increase if influential BRICS nations consider adopting it as part of their financial framework. Currently trading around $0.48021, XRP has shown minimal movement with a slight gain of 0.01% over the previous day’s close.
Technical Analysis
The XRP/USD daily price chart indicates a bearish sentiment with the Simple Moving Average (SMA) at $0.50223. The price has been struggling to break above the $0.50 resistance level, facing strong resistance since mid-March when it reached highs near $0.75. The Relative Strength Index (RSI) at 32.60 suggests a neutral momentum, indicating a consolidation phase for XRP within a certain range.
If the price manages to break above the SMA 9 and the $0.50 resistance level convincingly, it could target the next resistance levels around $0.55-$0.60. Conversely, a breakdown below the current support levels around $0.47-$0.48 could lead to further selling pressure, potentially pushing XRP towards the $0.40 psychological support level. Overall, technical indicators suggest a consolidation phase for XRP in the near future.