• Mon. May 20th, 2024

XRP Price Goes Up by 6% as Ripple is to Help Palau Launch its Stablecoin

Jan 2, 2023

Ever since the beginning of the last week, the trading price of Ripple (XRP) had been moving in the upward direction. The trend continued moving in favor of the bulls and things were moving toward recovery.

The rally continued until December 27 and by that time, the price of the asset had surged by 6%. The reason behind the surge in the trading price of XRP was due to Ripple’s latest partnership.

Ripple’s Reputation has Continued Growing

It has been more than a couple of years since Ripple has been attacked by the US Securities and Exchanges Commission.

The only reason the regulator could find against the platform to bring it to court was alleging that the firm was selling unregistered securities to the US locals.

Now it seems that the US SEC had made a false claim and the situation seems to be going in favor of Ripple.

Despite the legal case going on against Ripple in the past couple of years, the network has not lost its composure.

It has remained one of the most experienced and advanced blockchain development entities. Therefore, several countries and companies from around the world have acquired their services.

Countries from the African, Asian, and European regions have already approached Ripple to learn from its blockchain expertise.

These countries have either partnered with Ripple to enter the Web3 and metaverse industry or they want to launch their own CBDC.

Ripple Partners with Palau

Now, it is Palau from the Oceania region that has partnered with Ripple for its expertise. The reports confirm that Palau has partnered with the company to launch their own stablecoin.

The information was shared by the representatives of Palau during a conference held for cryptocurrencies in Singapore.

Surangel Whipps Jr., the President of Palau confirmed that they were collaborating with Ripple for the creation of their own stablecoin.

Whipps Jr. confirmed that they are aiming to come up with a platform that will allow them to issue their own stablecoin. For this purpose, they have asked for Ripple’s help and support.

They are confident that Ripple will guide them every step of the way and come up with the most sophisticated solution for the particular purpose.

Palau to Offer a Digital Residency Country

In addition to announcing the above, the President of Palau also confirmed that they are currently in talks with Binance.

The purpose of being in talks with Binance is to ensure that they are able to work on making a digital residency country.

They are eager to learn more about the world of cryptocurrencies and digital assets. For this purpose, they have partnered with Binance.

They are hoping that their country will soon be hosting a digital resident country.

Paper Issued by Ripple for Stablecoins

Ripple is among the most reputed entities in the entire crypto industry when it comes to sharing its crypto-blockchain knowledge and running analysis.

It recently worked on a project to establish the importance of stablecoins and issued a report in November pertaining to the same study.

It provided reasons for how stablecoin technology is going to be needed for the year 2023. The firm revealed that starting from the year 2023, the usage of the cross-chain capabilities would rise.

This will be a significant shift in the world of institutions and corporations as they will start moving to new technology.

In time, it will become a need for every country to have cross-chain capability on hand. This way, they will be able to send and receive payments using digital means rather than sticking with traditional channels.

The firm emphasized that the world moving away from paper notes and paper documents will be an extremely eco-friendly step.

Turns out, the nation with 500 islands has understood the importance of Ripple’s report and wants to work on it right away. This will be an encouragement for the rest of the countries to adopt digital assets.

This way, the world will be able to contribute tremendously to bringing down carbon levels to help sustain nature.

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