According to sources familiar with the matter, Ripple could obtain regulatory approval for its stablecoin RULSD in the coming days. Thanks to this rumor, XRP has once again exploded upwards, seeing its capitalization once again exceed a symbolic milestone.
Ripple (XRP) reportedly close to obtaining regulatory approval for its stablecoin RLUSD
Last August, Ripple (XRP) announced that its stablecoin RLUSD had entered the testing phasebefore an official launch on its own XRP Ledger and Ethereum (ETH) network. This followed the revelation of the project, which occurred a few months earlier in April.
On Friday, journalist Eleanor Terrett of Fox Business made an encouraging revelation regarding the matter, affirming that Ripple was on the verge of obtaining approval from the New York regulator for its stablecoin. Indeed, insiders have reportedly indicated that the New York Department of Financial Services (NYDFS) will give its approval for an official launch as of December 4.
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For the moment, neither Ripple nor the NYDFS have made official comments on the subject, but we will not have to wait very long to confirm or deny this rumor.
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XRP explodes again
At any rate, this gave further bullish momentum to XRP. And for good reason, the asset is now trading at $1.84 at the time of writing these lines, up nearly 19% over the last 24 hours. Since Donald Trump’s victory in the American presidential election on November 5, this marked upward trend now shows more than 265% gains:
XRP price in daily data
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All this is far from trivial, because this increase allows XRP to once again exceed the symbolic level of 100 billion dollars in capitalization. To beat its previous all-time high, the asset must still grow by nearly 86%.
When RLUSD stablecoin will be officially launchedwe will be able to see how well it manages to compete with the USDT and USDC giants of Tether and Circle.
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Source : Fox Business
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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