XRP On Rampage After Stablecoin (RLUSD) Approval
XRP, the native token of the XRP Ledger (XRPL) network, saw a notable spike late Tuesday amid stablecoin approval. The Ripple token surged above $2.3 in the early hours of Wednesday despite high sell-offs in the cryptocurrency space.
XRP is correcting from the $2.50 resistance, trading below $2.30 and hitting a low of $1.989 as Bitcoin dipped below $95K before adjusting around the $96.2K support line.
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This increase came after Ripple CEO Brad Garlinghouse declared that the New York Department of Financial Services (NYDFS) had granted regulatory approval to the company’s stablecoin, RLUSD. Garlinghouse announced that RLUSD partners and exchange listings would be accessible shortly. This means that Ripple Labs’ stablecoin satisfies legal requirements by New York law.
RLUSD will now compete with industry titans Tether (USDT), USD Coin (USDC), and PayPal USD (PUSD). Ripple Labs thinks there is space for a new stablecoin even though Tether and Circle (USDC) currently control a large portion of the stablecoin market.
Ripple’s president, Monica Long, emphasized the company’s plan to use its well-established position in payment services among institutions as a crucial bridge in tokenization of real-world assets.
Tokenization is putting conventional financial instruments on blockchain platforms for more effective transactions.
RLUSD is presently undergoing beta testing on the Ethereum and XRP Ledger networks.
CryptoQuant highlighted that there are $10.4 million worth of RLUSD tokens on the XRPL and $42 million worth on Ethereum. This development is a major step for Ripple as it looks to increase its market share in the stablecoin space and further incorporate blockchain technology into established financial systems,
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