What Does Ripple Partnership with National Bank of Georgia Mean For XRP?

LUCKNOW (CoinChapter.com) — To accelerate the adoption of central bank digital currencies (CBDCs) and drive financial innovation globally, Ripple has deepened its partnership with the National Bank of Georgia (NBG). The collaboration aims to explore new avenues for digitizing the Georgian economy. It will also help advance the central bank’s digital currency (CBDC) project, the digital lari.

High-Level Meetings to Boost Fintech Cooperation

Top officials from Ripple and the NBG convened in Tbilisi, Georgia’s capital. Natia Turnava, the NBG’s acting governor, and Varlam Ebanoidze, the head of the bank’s financial and supervisory technology development department, met with James Wallis, Ripple’s Vice President of Central Bank Engagements.

During the meeting, Wallis introduced Alistair Brown, a representative from EPAM Systems. This is a strategic partner of Ripple which specializes in software engineering, digital platforms, and product design. The discussions centered around potential avenues for collaboration to digitize the Georgian economy further.

You Might Also Like: Ripple Forms New Partnership, But Will It Save XRP From 42% Drop?

Building on Existing CBDC Partnership

This expanded collaboration builds upon the existing partnership between the NBG and Ripple. In September 2023, the NBG announced its plans to advance CBDC research and invited nine companies to participate in the digital lari project. Out of those invited companies, one was Ripple Labs. Subsequently, Ripple Labs was selected as the official technology partner for developing the digital lari.

In addition to Georgia, Ripple Labs has been involved in CBDC pilots and related projects in countries such as Colombia, Bhutan, Palau, and Montenegro. Majority of banks in Japan, approximately 80%, have forged strategic partnerships with Ripple to implement its blockchain payment solutions.

The company has also published a comprehensive white paper emphasizing the importance of CBDCs in supporting asset tokenization and blockchain-based innovations. Ripple’s expertise in distributed ledger technology, cross-border payments, and financial infrastructure makes it a valuable partner for central banks and regulatory bodies exploring CBDC implementations.

What’s Next for XRP?

Ripple’s partnership with NBG did not significantly impact its native token, XRP. However, some experts foresee a potential surge in XRP valuation if the influential BRICS nations consider adopting XRP as part of their financial framework.

The XRP is currently trading around $0.48021. It shows a relatively flat movement with a 0.01% gain over the previous day’s close.

The Simple Moving Average (SMA) at $0.50223 indicates a bearish sentiment as the price trades below this key moving average.

There is a significant downtrend since the highs near $0.75 in mid-March. The price has been facing strong resistance around the $0.50 level, struggling to break above it sustainably. The Relative Strength Index (RSI) at 32.60 suggests that the momentum is currently neutral, with neither buyers nor sellers having a significant advantage.

If the price manages to break above the SMA 9 and the $0.50 resistance level convincingly, it could potentially target the next resistance around $0.55-$0.60. However, a breakdown below the current support levels around $0.47-$0.48 could trigger further selling pressure, potentially pushing XRP towards the $0.40 psychological support. Overall, the technical indicators suggest a consolidation phase for XRP, with the price trading within a range.