The altcoin XRP, which is a payments currency, defied a short crypto market cooling down and surged more than 15 percent in just 24 hours.
Gains on this asset materialized when the French bank Societe Generale announced a plan for the deployment of its EUR CoinVertible stablecoin (EURCV) to the XRP Ledger.
Last year, the multinational bank introduced the EURCV to the Bitstamp crypto exchange in Luxembourg. The stablecoin was first launched on Ethereum (ETH). The bank then announced that it would launch the stablecoin on Solana.
The crypto-asset pegged to the euro is in compliance with MiCA, or Markets in Crypto-Assets Regulation of the European Union. MiCA contains rules that cover the regulation, protection of consumers and environmental safeguards for crypto assets. This legislation contains measures to combat financial crime, including money laundering and terrorist funding.
Guillaume Chatain is chief revenue officer of Societe Generale-FORGE’s Digital Assets Unit. He says that the XRP Ledger would be the ideal platform to complement their current deployments.
At the time this article was written, XRP traded at $0.892, and has risen by about 60% over the last week.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post, XRP Defies Crypto Market Cooldown and Surges By More Than 10% Amid XRPL Stablecoin announcement may be updated as new information becomes available.
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