Ripple’s stablecoin RLUSD has been approved by the New York Department of Financial Services (NYDFS) and will soon go live. As a result, XRP, its native token has begun its bullish run.
This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
Ripple RLUSD Approved, to Go Live Soon!
Brad Garlinghouse, CEO of Ripple Labs, took to X to share the news: “This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.”
Ripple, which has earned the reputation of being a ‘cross-border business payment system,’ has been seeing growing demand for RLUSD, which, in turn, increases the utilization of XRP as a settlement layer.
Advertisement
By providing institutions with seamless access to liquidity via the XRP Ledger (XRPL), it simplifies cross-border payments and settlements. This enhances the appeal of Ripple’s solutions, allowing financial institutions to use a stable, predictable value medium.
RLUSD is expected to provide efficient liquidity management, wherein institutions can source liquidity instantly, reducing reliance on pre-funded nostro accounts. RLUSD is also aimed at minimizing volatility concerns, making it a viable payment alternative for businesses and institutions. In August, RLUSD was under beta testing on Ripple’s decentralized public blockchain, the Ethereum mainnet, and the XRP Ledger, and the official announcement of RLUSD was first made public in November.
RLUSD Leads to Ripple (XRP) Bullish Momentum!
Soon after the announcement, Ripple (XRP) saw a surge in its market price. At the time of writing, it is quoted at $2.34, after a rise of 4.15%. Its market cap, too, has gone up by 3.48% to $132.86 billion.
XRP’s 24-hour market volume has witnessed growth, increasing by 34.03% to $26.31 billion. The Relative Strength Index (RSI) of 62.4619 depicts the neutral zone but leans towards the higher end, implying moderately strong upward momentum.
Advertisement
Also Read: Crypto Community Calls Ripple CEO on Joe Rogan’s Podcast
