XRP Price Explodes 20% To $2.43 After Ripple Receives RLUSD Stablecoin Approval
Ripple‘s native token (CRYPTO: XRP) has skyrocketed 20% over the last 24 hours, trading at $2.43, significantly outpacing Bitcoin‘s (CRYPTO: BTC) 5% rise to $100,500.
The rally comes after Ripple Labs secured approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin on Tuesday, marking a pivotal step in Ripple’s expansion into the burgeoning stablecoin market.
What Happened: Ripple’s RLUSD, pegged to the U.S. dollar, has been heralded as a game-changer for the company, with CEO Brad Garlinghouse confirming the approval on X (formerly Twitter).
“When RLUSD is live, you’ll hear it from Ripple first,” he said, indicating that exchange and partner listings for the stablecoin are imminent.
The NYDFS approval ensures RLUSD complies with stringent regulatory standards, enabling Ripple to operate within New York’s robust financial ecosystem.
The …
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