Monat: November 2023

• Following the recent XRP price surge, Ripple (XRP) has become the fourth-largest cryptocurrency.
• Ripple’s milestones in Dubai and Georgia are some of the main boosters of XRP’s performance.
• Trading volumes and leverage have also impacted XRP’s price rally.

XRP, the cryptocurrency closely associated with Ripple, witnessed a significant surge in its price, climbing over 8% in the past 24 hours.

This surge propelled XRP to become the fourth-largest cryptocurrency by market capitalization, temporarily displacing Binance Coin (BNB) from its position.

Positive Ripple developments

XRP’s sudden price rally appears to be a reaction to two key developments concerning Ripple, the company behind the cryptocurrency. Despite Ripple’s historical distinction from XRP, positive news related to the company tends to influence XRP’s performance.

Last week, Ripple achieved significant milestones that contributed to the recent bullish sentiment. These are:

Ripple’s approval by the Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) granted approval for XRP under its virtual assets regime. This regulatory green light permits licensed financial institutions within the Dubai International Financial Centre to incorporate and offer XRP to clients as part of their cryptocurrency services.

This move opens doors for the broader adoption of XRP within Dubai’s financial sector.

Collaboration with the National Bank of Georgia

Simultaneously, Ripple announced a partnership with the National Bank of Georgia (NBG) to launch the Digital Lari (GEL) pilot project. This initiative will leverage Ripple’s central bank digital currency (CBDC) platform to explore the possibilities of a digital Lari.

Ripple’s platform, previously adopted by the Hong Kong and Taiwan governments, allows institutions to manage and customize various aspects of the CBDC’s lifecycle, including minting, distribution, redemption, and token burning. This collaboration demonstrates the practical application of Ripple’s technology within the central bank digital currency realm.

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• ARB price is surging after Arbitrum DAO greenlights token staking proposal.
• ARB holders can stake tokens, funded by the treasury, with an annual yield of 7.84%-78.43%.
• The staking proposal creates varied staking tiers, promoting community engagement.

The price of Arbitrum (ARB) has seen a notable surge after the Arbitrum decentralized autonomous organization (DAO) approved a token staking proposal.

Arbitrum’s move has brought about significant excitement in the cryptocurrency community, as it introduces a new way for ARB token holders to potentially earn rewards.

Arbitrum price movement

Arbitrum, a blockchain platform that aims to enhance the scalability and efficiency of decentralized applications, has witnessed a surge in its price following the DAO’s decision.

The price of ARB currently stands at $1.13, representing a 3.14% increase over the last 24 hours. This bullish momentum is likely linked to the positive news of the staking proposal’s approval.

The price of Solana has been on a very strong bullish trend since mid-October and the bullish trend is projected to continue as indicated by the MA crossover and the MACD as seen in the above chart.

The cryptocurrency’s market capitalization is now valued at $1,439,342,086, ranking it 39th in terms of market cap. Additionally, the 24-hour trading volume of ARB has reached $358,674,886, indicating a surge in trading activity.

The Arbitrum token staking proposal

The Arbitrum DAO’s approval of the staking proposal opens up a new opportunity for ARB token holders. Stakers will have the option to lock up their holdings in exchange for a yield, which will be distributed over a 12-month period through a smart contract.

The proposal initially presented different tiers for token allocation, offering stakers the choice to receive 1%, 1.5%, or 1.75% of the total 10 billion ARB supply as staking rewards. A majority of over 66% of DAO members voted in favour of the lowest tier, allocating 1% (100 million tokens) towards staking, while 33% voted against the proposal, revealing a community disagreement regarding the use of treasury funds for staking incentives.

With an estimated annualized yield ranging from 7.84% to 78.43%, this staking mechanism is expected to be an attractive option for ARB token holders to earn additional tokens. Unlike other staking mechanisms, where tokens are typically used for network security or revenue distribution, this arrangement allows stakers to earn tokens directly from the treasury.

The DAO is now poised to consider a subsequent proposal that will focus on the specifics of the staking implementation, including the selection of technology service providers, associated contracts, and the appointment of an auditor to ensure the process’s integrity. A two-week review period will follow, during which the community can assess the implementation details before they are put into practice.

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