XRP, the trending coin issued by Ripple Labs, has reacted positively to the approval of the RLUSD stablecoin. Shortly after the update, the XRP price spiked by 8%, to reach $2.4. However, at the time of writing, the coin retraced, dropping to $2.31.
The quick reaction underscores the potential impact of RLUSD on XRP’s trajectory. The XRP community has been anticipating the stablecoin’s launch since it was first announced in April this year. Ripple decided to venture into the buzzing stablecoin market to provide alternatives to top players like USDT and USDC.
In a previous post, 36crypto reported that Ripple has finally secured the much-waited approval from the New York State Department of Financial Services (NYDFS). This means that RLUSD can now go live on major exchanges and be accessible to global users.
CEO Brad Garlinghouse noted that exchange partners will be announced soon. He also stressed the importance of checking Ripple’s official pages for relevant announcements, preaching caution to the crypto community to avoid fraudulent cases.
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Source: CoinMarketCap
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.