Ripple received approval from NYDFS to launch its stablecoin RLUSD, increasing the token price $XRP by more than 9% in the last 24 hours. This came after a massive drop in the cryptocurrency's price from a multi-year high of $2.70 to $2.30.

Ripple CEO Brad Garlinghouse celebrated the NYDFS approval of the RLUSD stablecoin. He stated that exchange and partner listings will follow soon. FOX Business journalist Eleanor Terrett reminded X users that she was one of the first to report on Ripple's stablecoin launch on November 29, with a "possible" launch date of December 4.

Although RLUSD has not yet launched, Garlinghouse confirmed that investors will be the first to learn about the launch from Ripple. It is worth noting that the stablecoin aims to challenge the dominance of USDT Tether and USDC Circle after its release.

According to CoinMarketCap data, the price of XRP surged by 287.07% in the last 30 days and at the time of writing is $2.30. The digital asset is trading at a 40.15% discount from its all-time high of $3.84, reached in January 2018.

The recent rise in XRP is associated with the excitement surrounding the debut of the RLUSD stablecoin and the partnership between the XRP Ledger ecosystem and Cardano.#2024withBinance $AAVE $CVC