Big Ripple (XRP) Announcement Soon? Company Burns Millions of RLUSD Tokens
TL;DR
- Ripples stablecoin is reportedly ready for launch, pending NYDFS approval.
- XRP remains strong, boosted by political shifts and anticipation of RLUSDs release, currently trading at $1.46 with further potential upside.
Is It Launch Time?
Ripple took center stage in April this year, displaying its plans to introduce a stablecoin pegged 1:1 to the American dollar. Over the past several months, the team disclosed that the products name will be RLUSD and will be available on the XRP Ledger (XRPL) and Ethereum.
Towards the end of the summer, Ripple began testing the stablecoin, alerting users that purchasing and trading will be open once it received the necessary regulatory approval.
The team minted and burned a vast amount of RLUSD during the testing phase. Most recently, X user Vet claimed that almost all stablecoins have been burned. On each Ethereum and XRP Ledger, there is only around 100k RLUSD left, they added.
The announcement triggered speculation that the products launch might be just around the corner. However, Vet reminded that RLUSD will see the light of day once the New York Department of Financial Services (NYDFS) gives the green light.
Earlier this month, Monica Long (Ripples president) said the team is operationally ready to launch the product. However, she also maintained that the development is in the hands of the NYDFS.
Its up to them. They are reviewing our trust application. Its going to be in their hands when they are approving it.
XRP Price Outlook
Some analysts have previously suggested that the further advancement of RLUSD and its eventual launch could positively impact XRPs price.
Ripples native token has spiked by 3% on a 24-hour scale, currently trading at around $1.46 (per CoinGeckos data). It remains one of the best-performing cryptocurrencies in the last month following Donald Trumps win in the US presidential elections and Gary Genslers (the Chairman of the US SEC) confirmation to vacate his post in January 2025.
Gensler is known for his anti-crypto stance, and the agency has filed countless lawsuits against cryptocurrency businesses during his tenure. Perhaps the most popular is the legal battle against Ripple.
The XRP army now expects a faster and potentially favorable resolution under Genslers successor, who, according to some reports, might have a totally different approach to the digital asset sector.
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