XRP Surges 6% As Ripple CEO Brad Garlinghouse Says RLUSD Stablecoin Is Approved
Release: 2024/12/11 23:19 Reading: 420
XRP Surges Following Regulatory Approval for Ripple's RLUSD Stablecoin
Ripple's XRP token experienced a surge of over 6% within the past 24 hours. This increase follows the announcement by Ripple CEO Brad Garlinghouse that the company's RLUSD stablecoin had gained regulatory approval from the New York State Department of Financial Services (NYDFS).
XRP Outperforms Bitcoin and Ethereum
In the same 24-hour period, XRP outperformed leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). BTC witnessed a modest price increase, while ETH faced a price decline of over 2%.
XRP's value peaked at $2.41 before retracing to trade at $2.30. This gain extended its positive monthly performance, resulting in an overall rise of more than 299% over the past 30 days.
RLUSD's Potential Market Cap
Ripple's RLUSD stablecoin, set to compete with Tether (USDT) and Circle (USDC), is pegged 1:1 with the US dollar. Ripple executives anticipate RLUSD's market cap could reach $2 trillion by 2028, surpassing Bitcoin's current valuation of $1.93 trillion.
RLUSD's Beta Testing and Partnerships
In August, Ripple initiated private beta testing for RLUSD on XRP Ledger and Ethereum mainnets. The company has since established partnerships with exchanges such as Bitstamp, Uphold, Bitso, Independent Reserve, Moonpay, CoinMENA, and Bullish.
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