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

Countdown To $5 XRP: Engineer Predicts Milestone On ‘Strong Fundamentals’

After hitting a high of $282 last December 3rd, Ripple’s XRP has suffered a minor correction and is now trading between $225 and $250, CoinMarketCap data shows Last December 1st, XRP briefly went

Meet Bitcoin’s Biggest Players: The Top 10 Holders Commanding Nearly 15% of the Circulating Supply

As of Dec 7, 2024, at 3:25 pm EDT, bitcoin (BTC) is trading at $100,297 per coin, making it the seventh-largest asset globally by market capitalization, with a total valuation of $198 trillion Before

XRP Price Forecast – Analyst Sets $4 Target After Potential Retrace

XRP has seen a sharp 25% pullback from its recent local high of $290, leaving investors questioning its next move Despite the correction, many analysts remain optimistic about XRP’s potential to

Bitcoin Price Temperature At Medium Levels – Indicator Sets BTC Top Price At $178K

Bitcoin has been navigating a whirlwind of volatility recently, with its price repeatedly breaking and losing the highly anticipated $100,000 level—not once, but twice This rollercoaster movement

Former Silvergate Bank CTO and Trump’s ‘Crypto Czar’ David Sacks Speak Out on Operation Choke Point 

Operation Choke Point 20, a campaign of regulatory pressure against cryptocurrency firms, has sparked a fresh wave of criticism from notable industry figures, including former Silvergate Bank Chief

Dogwifhat (WIF) Set to Explode, Experts Eyes in $5

The post Dogwifhat (WIF) Set to Explode, Experts Eyes in $5 appeared first on Coinpedia Fintech News Dogwifhat (WIF), the popular Solana-based meme coin appears set to explode as its price action