According to CryptoPotato, Ripple is planning to launch a stablecoin, Ripple USD (RLUSD), in 2024 on the XRP Ledger and Ethereum. This comes despite criticism from the United States Securities and Exchange Commission (SEC). The stablecoin, pegged to the American dollar, is intended to serve as a bridge between traditional finance and the crypto industry. The exact launch date is yet to be announced.
The SEC has already criticized the yet-to-be-launched stablecoin, labeling it an 'unregistered crypto asset.' The SEC and Ripple have been in a legal dispute for years, centered on allegations that Ripple conducted an unregistered securities offering by selling its XRP token. The case has recently entered its trial phase, with the SEC seeking a $2 billion fine on Ripple. However, Ripple has contested this, suggesting that its penalty should not exceed $10 million, arguing that there are no direct allegations of fraud in the case.
Meanwhile, the price of XRP, Ripple's native token, is currently down, trading at around $0.47. Despite this, some analysts see the current level as a buying opportunity. The Relative Strength Index (RSI) for XRP, which measures the speed and change of price movements, currently stands at 42. A ratio above 70 signals the token might be overbought, indicating a potential correction. Previously, analyst Matthew Dixon predicted that XRP’s valuation could decrease in the event of surging inflation in the United States. However, the inflation rate came in lower than expected, and the token’s price spiked to almost $0.50 before dipping again after the US Federal Reserve decided to keep the interest rates unchanged.
