The price of XRP was battered by a broader cryptocurrency market crash early in the week, but on Tuesday night, the token climbed back as Ripple CEO Brad Garlinghouse confirmed that the company has received final approval from the New York State Department of Financial Services (NYDFS) for its RLUSD stablecoin.
News about approval comes as relief to the crypto industry following several days of being in the red that triggered over a billion in liquidations Monday night.
$RLUSD Gets Green Light, Triggering $XRP Spike
Garlinghouse announced the news Tuesday, saying exchange and partner listings for the much-anticipated stablecoin will go live soon and crypto users will get the announcement from Ripple first.
#RLUSD and #XRP are among the Top 3 trending business and finance topics on X as of early Wednesday as the crypto community celebrates Ripple’s latest milestone.
CoinGecko already has a preview of the stablecoin, describing the token as one that “delivers the reliability of USD combined with the efficiencies of blockchain technology in a trusted, liquid, and compliant manner.”
XRP, the native crypto asset of the XRP Ledger, which is closely tied to Ripple, has been responding to the news positively, increasing by over 5% in the last 24 hours.
It appears Bitcoin is loving the news too, as the world’s largest cryptocurrency by market value surged by some 1% in the past day to trade at around $98,000 following a plunge to $94,000 earlier in the day.
Crypto Celebrates Big Win
Every milestone that Ripple achieves is huge for the crypto community, considering its four-year battle with the U.S. Securities and Exchange Commission (SEC) that negatively hit the XRP token’s price over the years.
For many in the XRP Army, “RLUSD will do for XRP what USDT has done for BTC,” referring to how Tether’s stablecoin has helped pump Bitcoin prices.
Others noted that there is a huge difference between RLUSD and USDT: regulatory clarity. Tether has repeatedly claimed that USDT is regulated, but in the case of RLUSD, Ripple has specifically mentioned that the RLUSD has been approved by the NYDFS.
Calm After the Storm
Garlinghouse’s confirmation regarding RLUSD’s approval came after the crypto executive and the XRP community criticized 60 Minutes for not including the discussion about XRP’s regulatory status as a non-security in the interview with the Ripple CEO.
The show’s “Big Crypto” episode was not well-received by the crypto community, seemingly affecting prices across the board.
The approval came at the right time as the crypto market recovers from losses in the past few days and the XRP token attempts to climb above $3 during the holiday season.
The post $XRP Pumps After NYDFS Approves Ripple’s $RLUSD Stablecoin appeared first on International Business Times.
