XRP Grows After NYDFS Approves RLUSD

Founder of the Tron blockchain, Justin Sun shared a post on Twitter, hinting at the launch of Ripple's upcoming RLUSD stablecoin on the Tron blockchain.

Founder of the Tron blockchain, Justin Sun shared a post on Twitter, hinting at the launch of Ripple’s upcoming RLUSD stablecoin on the Tron blockchain.

“RLUSD on Tron? @JoelKatz,” wrote Sun in his tweet.

However, there is no official confirmation yet on the launch of RLUSD on Tron. We are still awaiting the launch of RLUSD, but on December 11, Ripple’s CEO Brad Garlinghouse shared a major update regarding the stablecoin.

In his tweet, Garlinghouse announced that the New York Department of Financial Services (NYDFS) has finally given its approval for the launch of RLUSD. He added that exchange and partner listings will go live soon.

“And a reminder: when $RLUSD is live, you’ll hear it from @Ripple first,” concluded Garlinghouse in his tweet.

As a leading provider of cross-border business payments, Ripple has seen increasing demand for RLUSD. The stablecoin is expected to be launched imminently.

XRP Surges As NYDFS Approves RLUSD

On December 11, XRP price surged past the $2.30 level following the approval of Ripple’s RLUSD stablecoin launch by New York regulators. At press time, the cryptocurrency trades around $2.40.

With whale investors leading a buying spree, XRP price could potentially see a strong rally towards the $4 level in the coming days.

XRP price saw a rebound on Tuesday after the cryptocurrency market saw a massive $1.5 billion liquidation that triggered concerns over geopolitical risks on December 10.

A glance at the daily XRP/USD chart reveals a 24.7% rally, moving from $1.90 to briefly hit $2.41 on Wednesday, recovering from a 28.25% loss in the market crash on December 10.

XRP’s bullish performance is largely influenced by the approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services (NYDFS). Rumors in the market also suggest that RLUSD may be launched on Friday (December 13, 2024).