XRP Trader Made Millions Today Thanks to This 'De-Peg'

Pseudonymous trader who goes by @DefiSquared, the most successful trader on the Bybit exchange and the top wallet of DeBank, shared the story of one insane opportunity that happened today amid the cryptocurrency carnage.

Timeline of Xrp

Crypto payments provider BitPay has revealed an interesting fact about XRP adoption. In a new tweet, BitPay declared that a growing number of merchants are now accepting XRP direct payment, a testament to its growing utility and adoption.

Corporates continue to embrace central bank digital currencies, or CBDCs, despite certain politicos calling the emerging tech "evil" and likening it to "the Death Star." What Happened: Mastercard (NYSE: MA) recently unveiled its CBDC Partner Program, which counts Ripple (CRYPTO: XRP) and Consensys among its key participants.

Yesterday, Mastercard shared insights into the evolving landscape of Central Bank Digital Currencies (CBDCs) and their potential impact on the global financial system. CBDCs, essentially digital versions of government-backed fiat currencies, are gaining traction as a more stable alternative to the speculative nature of cryptocurrencies.

Amid a massive dip in the cryptocurrency market, most of its major assets are declining, and XRP is no exception, having lost over 13% on the day, which has added to the loss of nearly 20% on its weekly chart, but there are more reasons behind the token's crash than just the bearish market sentiment.

BitPay, a premier cryptocurrency payment processor, has spotlighted the increasing adoption of XRP by showcasing 30 of its merchants that now accept the digital currency. This move comes as BitPay extends its support for XRP payments across most global locations, with some regional exceptions.

The value of XRP, the digital asset connected to Ripple Labs, has dropped by a startling 30%, causing a seismic change in the cryptocurrency space. The plunge coincided with the approval of the US Securities and Exchange Commission's (SEC) interlocutory appeal request by Judge Analisa Torres. XRP dropped to a low of $0.

As part of its CBDC Partner Program, Mastercard has joined hands with prominent CBDC leaders and payment giants to work along with the central banks to bring CBDCs to the market under a regulatory framework.

Ripple Labs Inc is gaining more recognition for its innovations in the fintech world as American payments giant Mastercard Inc has onboarded the firm as part of its Central Bank Digital Currency (CBDC) alliance. As announced by Mastercard, Ripple will join other innovators in the fintech world, including ConsenSys, Fluency, Idemia, Fireblocks and Consult Hyperion, all of which are part of the alliance.

Mastercard has announced a strategic relationship with several blockchain companies, including Ripple. This is a big deal that shows how important central bank digital currencies (CBDCs) are becoming in the global financial system. Despite the positive sentiment XRP token tumbled by by 14.3% in the last 24 hours, along with other assets.

Mastercard has just made a very interesting announcement, including Ripple, Fireblocks, Consensys, and four others in a new CBDC Partner Program. The program aims to “bring a greater understanding of the benefits and limitations of CBDCs and how to implement them in a way that is safe, seamless, and useful,” according to Mastercard.