In the past 24 hours, XRP has experienced a notable spike in its price, making it the top-performing major cryptocurrency. Bitcoin (BTC) and Ethereum (ETH) remained relatively stable during this period. XRP's price increased by more than 11% before retracing slightly. Trading volumes also saw a significant increase, reaching $2 billion compared to the previous day's $1 billion. At the time of reporting, XRP was trading at 69 cents and had become the fourth-largest token by market capitalization, surpassing Binance Coin (BNB).

The surge in XRP's price appears to be primarily driven by spot trading, as liquidations on XRP futures contracts exceeded $4.4 million. This suggests that the use of high leverage might have contributed to the price increase. While there was no immediate catalyst for these gains, two positive developments for Ripple, the payment firm associated with XRP, from the previous week may have influenced the market. Ripple received key approvals to operate and offer services in Georgia and Dubai. The Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime, enabling licensed firms in the Dubai International Financial Centre to incorporate and offer XRP to clients as part of their crypto services. Additionally, Ripple announced a partnership with the National Bank of Georgia for a digital currency pilot project, using Ripple's central bank digital currency (CBDC) platform. This platform is already in use by the Hong Kong and Taiwan governments and allows institutions to manage the entire life cycle of CBDCs, including minting, distribution, redemption, and token burning, for both wholesale and retail transactions.