XRP's 24-hour increase reached as high as 26%, driven not only by expectations of alleviating SEC regulatory concerns but also by the attention surrounding Ripple's stablecoin RLUSD. XRP has recently solidified its position as the third largest cryptocurrency by market capitalization, surpassing BNB and SOL.
(Ripple's stablecoin RLUSD has been approved by the New York Department of Financial Services? XRP's market cap surpasses BNB.)
The development of stablecoin RLUSD helps boost XRP.
Over the weekend, it was reported that New York's top cryptocurrency regulatory body, the Department of Financial Services (NYDFS), is about to approve Ripple's new stablecoin RLUSD.
Crypto entrepreneur @realMaxAvery shared on X the developments of RLUSD stablecoin and its impact on its blockchain ecosystem and XRP, including:
More RLUSD transactions mean more activity on the XRPL chain. XRP, as its native currency used for fees and bridges, will drive the demand for XRP.
XRPL excels at cross-asset transfers. XRP often serves as a bridge between RLUSD and other assets, and as the adoption of RLUSD increases, it also boosts the utility of XRP.
The issuance of RLUSD has increased the liquidity of XRPL. More liquidity attracts traders and institutions who use XRP to collect fees, creating a virtuous cycle of adoption and demand.
RLUSD can integrate with DeFi on XRPL. XRP will support these dApps, expanding their use cases and relevance.
The adoption of RLUSD demonstrates the strength of XRPL, boosting market sentiment towards XRP and driving speculative and institutional interest.
Just as stablecoins like USDT and USDC have transformed Ethereum and Tron, RLUSD can have the same effect on XRPL, positioning it as a center for cheap and efficient payments.
The role of stablecoins in remittances is crucial, and RLUSD can leverage XRP's bridging capability to simplify international payments on XRPL.
Stablecoins are a friendly entry point for many into cryptocurrency. RLUSD can lower the barriers to entry and attract new participants to the XRP Ledger ecosystem.
Each RLUSD transaction will burn a small amount of XRP. Over time, this will reduce the supply of XRP, increasing its scarcity value.
If RLUSD is successful, XRP will benefit. More transactions, more utility, and more market confidence create upward opportunities for XRP's value.
Is there a chance for an XRP ETF to be listed next year?
Ripple CEO Brad Garlinghouse expressed strong confidence in the feasibility of an XRP ETF during an interview in June, predicting it will happen in 2025.
Currently, three ETF issuers, including Bitwide, 21Shares, and Canary Capital, have submitted S-1 filing applications for XRP ETFs to the U.S. Securities and Exchange Commission (SEC), but they have not yet appeared in the SEC's Federal Register (they must appear in the register to formally begin the review process).
ETFStore founder Nate Geraci believes that a year ago, there weren't even Bitcoin spot ETFs, and now Bitcoin and Ethereum, crypto indices, Solana, XRP, and Litecoin are all in the application queue. By this time next year, it may be possible to construct a large multi-crypto asset portfolio through ETFs.
Chain News previously reported that Wall Street is ready to unleash a new generation of speculative products in a $3.2 trillion industry to satisfy investors' appetites.
(Wall Street's ETF team is ready for more fancy crypto ETF scripts.)
XRP breaks the $2 mark.
XRP broke the $2 mark today, reporting $2.38218 before the deadline, with a one-month increase of up to 365%.
This article discusses how stablecoin RLUSD aids XRP's surge and whether an XRP ETF has a chance to be listed next year. It first appeared in Chain News ABMedia.
