XRP Price Boost Expected as Ripple Awaits Final Approval for RLUSD
Key Takeaways
- Ripple clarifies that the launch of RLUSD is not happening today.
- The stablecoin will be fully regulated under the supervision of the NYDFS.
- XRPs price is expected to benefit from RLUSDs eventual launch in the long term.
Ripple recently clarified that its highly anticipated stablecoin, RLUSD, will not be launching today, as some had speculated. The company confirmed it is still in close coordination with the New York Department of Financial Services (NYDFS) for the final approval of RLUSD.
Ripple has reassured the public that it is fully committed to the highest level of regulatory compliance under the NYDFS supervision and will keep everyone updated once the green light is given. Although the announcement stirred excitement, Ripple has reassured investors and stakeholders that everything is going as scheduled and the launch will take place once all necessary approvals are in place.
RLUSDs Potential in the Stablecoin Ecosystem
RLUSD was announced earlier this year and had been expected to assume a leading role in the stablecoin market. The coin will be fully collateralized by US dollar deposits, short-term US government securities, and similar cash equivalents to guarantee stability at a high level.
When it finally launches, RLUSD will support the XRP Ledger and Ethereum blockchain, with plans to significantly expand further into other blockchains and the DeFi space.
This could place Ripple among the largest players in the New York regulated digital finance market-with a legally recognized stablecoin to be offered to the masses. RLUSD had been highly anticipated, especially since reports emerged that NYDFS was on the verge of greenlighting the product.
Ripples XRP Price Predictions and Long-Term Impact
With such capabilities for influencing the wider crypto ecosystem, analysts seem to be focusing mostly on how Ripples latest stablecoin will impact XRPs price. Various speculation has emerged that the incoming stablecoin RLUSD could cause its price to surge as much as 20% in the very near term. According to them, the price increase might eventually dissipate as the initial excitement and hype around the token launch fade away.
It achieves better on several technical setups and is generally more resistant to the influence of bigger coins. The real, long-term potential for XRPs price comes, of course, from increased use cases and expansion of RLUSD supply.
Analyst BarriC went on to speculate that such dynamics will probably set off with constant growth for XRP. From that, XRP most likely will reach its older top and skyrocket to a new ATH at the end of 2024 and by the beginning of 2025.
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Read more: https://www.tronweekly.com/ripple-awaits-final-approval-for-rlusd/
Text source: TronWeekly
