RLUSD Set to Go Live Following Approval from New York regulators, XRP Could Reach $3 🚀💰
🔺Ripple CEO stated that the RLUSD stablecoin received final approval from the NYDFS.
🔺Whales have transferred over 2.66 billion XRP tokens to Binance in the past month.
🔺XRP could retest the $3 psychological level after rising nearly 7% following Ripple's announcement.
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services (NYDFS) on the launch of its stablecoin RLUSD. $XRP jumped nearly 7% after the announcement despite on-chain data showing a huge supply pool flooding the Binance exchange.
Ripple's RLUSD stablecoin has been approved for listing by the NYDFS, nearly one week after rumors of an official launch, CEO Brad Garlinghouse announced in an X post on Tuesday. The approval confirms that RLUSD can now go live on major exchanges.
RLUSD is a stablecoin designed to maintain a 1:1 price peg to the US Dollar. Similar to popular stablecoins like USDT and USDC, Ripple claims that actual US Dollar deposits, short-term government treasuries and other cash equivalents will back RLUSD.
In October, Ripple announced its exchange partners for the launch of RLUSD, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Following RLUSD's approval, XRP jumped over 7% from a low of $1.90. The recent recovery comes after over one week of decline, potentially due to high selling pressure from a few whales.
The psychological level after its recent rise
XRP has seen over $50 million in liquidations in the past 24 hours, with liquidated long and short positions accounting for $31.2 million and $18.97 million, respectively, per Coinglass data.
The Relative Strength Index (RSI) and Awesome Oscillator momentum indicators are above their neutral levels but trending downwards, indicating weakening bullish momentum.
