Ripple’s RLUSD Stablecoin Set to Launch Today, What’s Next for XRP?

Share This Post

XRP News

The post Ripple’s RLUSD Stablecoin Set to Launch Today, What’s Next for XRP? appeared first on Coinpedia Fintech News

The highly anticipated launch of Ripple’s dollar-pegged stablecoin, RLUSD, is expected to take place today, December 4, 2024. However, Ripple is reportedly awaiting approval from the New York Department of Financial Services, according to local media reports.

What is RLUSD?

Ripple USD (RLUSD), a 1:1 USD-backed stablecoin, offers transparency and stability on the XRP Ledger and Ethereum. With the launch of RLUSD, Ripple aims to leverage both its stablecoin and native token, XRP, to enhance its cross-border payment solutions.

At present, Ripple Labs has warned investors and institutions to avoid engaging with any token claiming to be RLUSD or Ripple USD before its official launch to prevent falling victim to scams. Despite this warning, RLUSD is currently listed on the cryptocurrency data platform CoinGecko.

Since August 2024, Ripple has been beta testing its RLUSD stablecoin on the XRP Ledger (XRPL) and Ethereum’s mainnet. The firm has shared plans to gradually expand RLUSD to more blockchains and DeFi protocols in the future.

Will RLUSD Impact XRP Price?

Despite the RLUSD launch, Ripple’s native token XRP, has already gained significant attention over the past week. Furthermore, experts anticipate a notable upward momentum for XRP once RLUSD becomes available on exchanges.

Currently, XRP is trading near $2.55 and has registered a price decline of 2.55% in the past 24 hours. During the same period, its trading volume dropped by $28%, indicating lower participation from traders and investors amid a bullish outlook.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Time to Buy XRP? $315 Million Flows Out of Exchanges

The post Time to Buy XRP $315 Million Flows Out of Exchanges appeared first on Coinpedia Fintech News XRP, the native token of Ripple Labs, is now poised to continue its upside momentum after facing

Coinbase-led TRUSThub set to enhance digital asset transparency

The Coinbase-led Travel Rule Universal Solution Technology (TRUST) has unveiled TRUSThub, a platform designed to streamline data sharing among Virtual Asset Service Providers (VASPs), according to a

Bitcoin at $100K: Industry Voices Say ‘This Is Just the Beginning’

Bitcoin broke the $100,000 barrier on Dec 4, hitting an all-time high of $103,647 the next day, sending waves of excitement through the crypto world Crypto Industry Execs Weigh in on the Six-Digit

Analyst Who Correctly Predicted The Ethereum Price Crash Against Bitcoin Reveals Where It’s Headed Next

The Ethereum price has returned above the $3,800 price level on the back of a 5% increase in the past 24 hours Interestingly, this Ethereum price increase has come amidst a simultaneous increase in

Fresh Capital Fuels Bitcoin Above $100K– On-Chain Indicator Sets Higher Cycle Top Price

Bitcoin has shattered all-time highs again, breaking the $100,000 barrier for the first time and surging to $103,620 This remarkable milestone marks a price level many thought impossible, solidifying

Bitfufu Launches Private-Label Mining Pool With Competitive Commission Rates

Bitfufu, a cryptocurrency mining service provider, announced the launch of Bitfufu Pool, a private-label mining pool offering commission rates starting at 04% Bitfufu Expands Services With