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

BONK Finds Stability At $0.00004002, Can Bulls Spark A Comeback?

Recent trading activity indicates that BONK is maintaining stability at the critical $000004002 support level This stabilization comes after a period of downward pressure, raising speculations of a

$1.10 Billion Crypto Liquidation in Bitcoin Crash, What’s Happening?

The post $110 Billion Crypto Liquidation in Bitcoin Crash, What’s Happening appeared first on Coinpedia Fintech News A sudden drop in Bitcoin (BTC), the world’s largest asset has resulted in the

Binance Launches Onchain Yields With Bitcoin Staking

Binance is doubling down on its commitment to bridging traditional finance and defi with the introduction of Babylon bitcoin staking Earn Passive Income By Staking Bitcoin on Binance Binance has

Analysts foresee upside potential for Bitcoin beyond $100k despite some red flags

Bitcoin’s (BTC) recent breach of the $100,000 price level has sparked discussions among analysts about market conditions and potential risks — while some metrics suggest caution, others

Bitcoin flash crashes to $90,200 causing over $885 million in liquidations

Bitcoin’s (BTC) historic rally above $100,000 hit a roadblock on Dec 5 as the flagship crypto fell back into five-figure territory, leaving a trail of liquidations across the market BTC gave up

Institutions Gain Access to Ether Liquid Staking via Anchorage Digital

Anchorage Digital, a US-regulated digital asset platform, has announced support for Liquid Collective’s liquid staked ETH (LsETH), enabling institutional clients to access liquid staking