XRPL at the Forefront of CBDC Explorations by Governments, Messari Firm Says

Messari, a crypto analytics platform, has reported that Ripple is currently working with governments worldwide to investigate the development of central bank digital currencies (CBDCs) using the XRP Ledger (XRPL) blockchain.

Messari added that Ripple is working in partnership with more than 12 countries to establish CBDCs that will be based on the XRPL blockchain, which employs XRP as its native token.

“Ripple is one of the companies leading the development of technologies that leverage the XRPL for institutional and government use cases. The company is focused on utilizing XRP and the XRPL to drive its On-Demand Liquidity service and CBDC initiatives.

The XRPL continues to be at the forefront of CBDC explorations by various governments. The new Ripple CBDC platform is based on the same blockchain technology used by the XRPL. Ripple is working with more than 20 countries on CBDC plans and hopes to leverage the XRPL to realize those visions. Most recently, the Central Bank of Colombia has begun working with [blockchain technology firm] Peersyst and Ripple toward a CBDC.”

Last month, Ripple made an announcement about the pilot program for Colombia’s CBDC.

The country’s central bank will be working together with the Ministry of Information and Communications Technologies to conduct the program. It is expected to run throughout the rest of the year.

Going by the Twitter handle Bluntz, this analyst has shared with his 223,600 followers that BTC seems to have formed a bearish lower high pattern on its four-hour chart.

Based on this pattern, Bluntz believes that BTC has lost its momentum and is likely to experience an ABC correction, which could cause its value to fall below $28,000.

“Savage four-hour forming here on BTC. I am updating my view a little bit and now expecting a deeper decline, a little bit further than just a simple $29,000 sweep, thinking more like (a move to the) $27,000 zone now.”