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

Phantom Wallet Announces Support For SUI Network 

The post Phantom Wallet Announces Support For SUI Network  appeared first on Coinpedia Fintech News In a latest blog post, The Sui Foundation has officially revealed that Phantom Wallet, a top-tier

Court Filing: Bitcoin Advocate Roger Ver Argues Government Overreach in Tax Case, Seeks Dismissal 

Roger Ver, a prominent figure in the cryptocurrency world known as “Bitcoin Jesus,” has filed a motion to dismiss an eight-count US tax indictment, claiming unconstitutional government

This MEME Coin Set For 30% Rally, In-depth Analysis

The post This MEME Coin Set For 30% Rally, In-depth Analysis appeared first on Coinpedia Fintech News In this bull run, despite opting for blue-chip cryptocurrencies majority of investors and traders

Semler Scientific Bitcoin Acquisition Surges Amid Crypto Market Boom

The post Semler Scientific Bitcoin Acquisition Surges Amid Crypto Market Boom appeared first on Coinpedia Fintech News Semler Scientific, a healthcare technology company known for its innovative

New Meme Coin Wall Street Pepe Launches Presale and Raises $700K in 2 Days – Next 100X Crypto?

The meme coin space just got a new player with a Wall Street twist Wall Street Pepe (WEPE) has exploded onto the scene, raising over $700,000 in the first two days of its presale phase And while PEPE

How the crypto community reacted to Bitcoin’s $100,000 record

Bitcoin has achieved an unprecedented milestone, surpassing the $100,000 mark for the first time in its history Data from CryptoSlate showed that the top digital asset peaked at $103,46581 on Dec 5,