Experts Expect Government Adoption of Ripple (XRP) to Drive Price to $1 and Beyond – This Is What It Takes

2023-08-17 14:20:10

With the court ruling coming in favor of Ripple last month, a number of financial institutions have once again started looking at the Ripple solutions available in the market. Earlier this week, a report suggested that blockchain startup Ripple is currently engaging with the government of New Zealand and is in talks to collaborate on a CBDC project.

As we know, Ripple has been already working in this regard and building solutions. Earlier in May 2023, Ripple launched its CBDC platform offering governments a launchpad to launch their own central bank digital currencies (CBDCs).

BOOOOOOOOOM !!! 💣 #RIPPLE has been communicating with the RESERVE BANK 🏦 OF NEW ZEALAND 🇳🇿 for building CBDC’s utilizing the #XRPL. #XRP is taking over 🌐 globally and mass adoption is coming pic.twitter.com/ad7ikhPXWG

— EDO FARINA 🅧 XRP (@edward_farina) August 11, 2023

However, there’s not much info regarding how the New Zealand government plans to use the Ripple XRP Ledger. This would represent another nation, following in the footsteps of Colombia and the Western Pacific Island state of Palau, to exhibit an interest in Ripple’s CBDC-onboarding platform.

Following the Ripple court ruling, XRP entered into a strong price surge making over 80 percent gains in a week’s time and shooting past $0.90. However, post that, it entered significant retracement facing some selling pressure. As of press time, XRP is trading 4.43% down at a price of $0.59 with a market cap of $31 billion.