Another new crypto on the market
A few days ago, the crypto sphere wondered if the rise in XRP was a pump and dump, but the concerns were quickly brushed aside this morning. Indeed, the Ripple team made an announcement that did not go unnoticed.
This was announced by Brad Garlinghouse, the CEO of Ripple: its stablecoin Ripple USD (RLUSD) has officially received approval from the New York State Department of Finance (NYDFS). It could therefore be launched on the market this month.
The news is significant because it marks a real turning point for the company. By releasing its own stablecoin, it secures a place among giants such as Tether and Circle. This, even though stable coins are increasingly popular with American institutions.
Ultimately, Ripple wants to develop a market capitalization of $2,000 billion. But be careful, the adoption that it so dreams of remains for the moment conditional on the success of future American crypto regulations.
Good news for XRP
Now that Ripple is focusing on its stablecoin, what will happen to XRP? Far from being put aside, it regains color following the announcement of the news. While it is intended to be complemented by RLUSD, Ripple’s value jumped 25% last night before stabilizing around $2.30.
The introduction of RLUSD should also catapult XRP by improving its liquidity through the arrival of fresh capital. The altcoin will also remain used to pay the fees surrounding the use of the stablecoin.
Either way, XRP predictions indicate that the party is just getting started. Its price rebounded from the support of $1.90 and crossed a first resistance at $2.17. The goal is to then reach $2.5 and then $2.9 this month. Analyst KNIGHT even estimates that it will exceed $3 by Christmas!
The moral of the story: if the center is stable, then the XRP family is united.
Disclaimer
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