Following positive news on its legal battle vs SEC, Ripple has made a big announcement on Friday night, Central European timezone. Let’s talk about what the announcement was exactly about and how can this affect XRP price.
Ripple’s RLUSD Announcement
Ripple has revealed that its new stablecoin, Ripple USD (RLUSD), has entered private beta testing on both the XRP Ledger and Ethereum mainnet. The company emphasized that RLUSD has not yet received regulatory approval and is not available for purchase or trading. They also warned users to be cautious of potential scammers claiming to offer or distribute RLUSD.
This development marks a significant step towards introducing more high-quality assets to the XRP Ledger. Ripple expects this to create new opportunities, enhance liquidity, and expand institutional use cases for users, developers, and applications within their ecosystem.
Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…
— Ripple (@Ripple) August 9, 2024
RLUSD is designed to maintain a 1:1 value ratio with the US dollar. The stablecoin will be fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. To ensure transparency, these reserve assets will undergo audits by a third-party accounting firm, with Ripple committing to publish monthly attestations.
Ripple highlighted the growing demand for trusted, stable, and utility-driven stablecoins in the market. Once RLUSD becomes available, the company plans to integrate both RLUSD and XRP into its cross-border payment solutions. This integration aims to enhance the experience for Ripple’s global customers. With over a decade of experience in developing enterprise financial solutions, Ripple believes it’s well-positioned to launch a stablecoin in a market projected to reach over $2.8 trillion by 2028.
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Show more +Show less – XRP Price Analysis
Despite this announcement, the XRP price is down 3% in the last 24 hours and is now trading below the $0.6 level, which means this previous support has now turned into resistance.
As a reminder, XRP pumped from $0.5 to $0.6 following positive news from its legal battle vs SEC. A federal judge ordered Ripple Labs to pay a $125 million fine to the SEC, significantly less than the nearly $2 billion initially sought by the SEC. This penalty relates to the institutional sales of the XRP token, which were found to violate securities laws. The ruling is seen as a partial victory for Ripple, as the court rejected the SEC’s request for disgorgement and prejudgment interest, citing a lack of demonstrated pecuniary harm.
However, the price hasn’t reacted yet to these news from Ripple and their beta testing. Considering the current market situation, it looks like we won’t see any major price pumps, at least not yet.
Read also: Will SEC Appeal the Ripple Case Ruling? Is an XRP ETF Coming? Experts Weigh In
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