As a seasoned crypto investor with over a decade of experience in this ever-evolving digital frontier, I find myself intrigued by Ripple’s latest development – the impending launch of their stablecoin, RLUSD. The anticipation is palpable, and I must say, the potential upside for XRP is truly tantalizing.
TL;DR
- Ripple’s stablecoin is reportedly ready for launch, pending NYDFS approval.
- XRP remains strong, boosted by political shifts and anticipation of RLUSD’s release, currently trading at $1.46 with further potential upside.
Is It Launch Time?
In April of this year, Ripple took the spotlight by revealing its intentions to launch a stablecoin that would maintain a 1:1 value with the U.S. dollar. Over the past few months, they have shared that this product will be known as RLUSD and is planned to operate on both the XRP Ledger (XRPL) and Ethereum network.
At the tail-end of summer, Ripple initiated trials for their stablecoin, informing users that transactions would become available upon receiving the required regulatory clearance.
The team created and destroyed a large quantity of RLUSD during the trial period. More recently, user Vet asserted that nearly all stablecoins have been destroyed. They further stated that only about 100,000 RLUSD remain on each Ethereum and XRP Ledger.
The announcement stirred up discussions suggesting that the product’s release could be imminent. However, Vet emphasized that the launch of RLUSD won’t occur until the New York Department of Financial Services (NYDFS) approves it.
Earlier this month, I’ve been eagerly awaiting news about Ripple’s product launch, as Monica Long, their president, announced that the team considers themselves “operationally ready.” However, she also stressed that the progress depends on the New York Department of Financial Services (NYDFS), which is currently overseeing the development process.
As a researcher, I find myself waiting anxiously as they scrutinize our trust application. The fate of its approval lies squarely in their capable hands.
XRP Price Outlook
Previously, certain experts have proposed that if RLUSD progresses further and successfully launches, it might potentially boost XRP’s value.
Over the past day, Ripple’s native token has seen a surge of approximately 3%, now trading at roughly $1.46 (as reported by CoinGecko). It continues to be among the top-performing cryptocurrencies in the last month, with Donald Trump’s victory in the US presidential elections and Gary Gensler’s (Chairman of the U.S. SEC) announcement to step down from his position in January 2025 as significant contributing factors.
Known for his critical views on cryptocurrencies, Gensler’s agency has pursued numerous lawsuits against crypto-related businesses during his term. Notably, the high-profile case against Ripple has gained significant attention.
The XRP community anticipates a swift and possibly advantageous resolution under Gensler’s successor, who, according to certain reports, may adopt a completely different strategy in handling the digital asset industry.
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2024-11-28 17:04