RLUSD gets New York regulator approval, XRP breaks downtrend

The NYDFS approved the RLUSD stablecoin, according to Ripple CEO.

Over the previous month, whales moved 2.66 billion XRP tokens to Binance.

XRP may retest $3 after surging almost 7% after Ripple's announcement.

Tuesday, Ripple CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) approved the debut of its stablecoin RLUSD. Despite on-chain statistics showed a massive supply pool flooding Binance, XRP rose roughly 7% following the announcement.

RLUSD launches after New York authorities approve, whale supply hits Binance
CEO Brad Garlinghouse said on Tuesday in an X post that the NYDFS has accepted Ripple's RLUSD stablecoin for listing over a week after rumors of an actual debut. The permission allows RLUSD to launch on major exchanges.

RLUSD is a stablecoin pegged 1:1 to the US Dollar. Ripple promises that US Dollar deposits, short-term government treasuries, and other cash equivalents will support RLUSD, like USDT and USDC.


Ripple released RLUSD in April and began beta testing on XRP Ledger and Ethereum in August.

Ripple introduced Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish as RLUSD exchange partners in October.

Market makers B2C2 and Keyrock will provide liquidity. This partnership ensures stablecoin availability and market efficiency.

Some crypto community members believe RLUSD's introduction would boost XRP by giving Ripple a less volatile asset to expand its remittance and settlement services.

XRP rose almost 7% from $1.90 after RLUSD's acceptance. After a week of loss, the market recovered, maybe owing to whale selling pressure.

The Binance exchange reserve fell by 320 million XRP throughout the same time. Bulls have taken advantage of whale selling.

XRP might recoup $2.58 and test resistance at $3, where it previously saw severe selling pressure, if it sustains its rally.

To continue rallying, XRP must stay above $1.96.

The premise fails if daily candlesticks close below $1.35.

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