Big Ripple (XRP) Announcement Coming Soon? Company Burns Millions of RLUSD Tokens
Ripple’s stablecoin is reportedly ready for launch, pending approval from the NYDFS.
XRP remains strong, buoyed by political changes and the anticipation of the RLUSD launch, currently trading at $1.46 with potential for further upside.
Is it time to launch?
Ripple came into the spotlight in April this year, showcasing its plans to introduce a stablecoin pegged 1:1 to the US dollar. In recent months, the team has revealed that the product will be called RLUSD and will be available on the XRP Ledger (XRPL) and Ethereum.
In late summer, Ripple began testing the stablecoin, alerting users that purchases and trading would open once it received the necessary regulatory approval.
The team minted and burned a large amount of RLUSD during the testing phase. More recently, user X Vet claimed that almost all stablecoins have been burned. “On each Ethereum and XRP Ledger, there is only about 100k RLUSD left,” they added.
The announcement sparked speculation that the product’s launch could be imminent. However, Vet noted that RLUSD will see the light of day once the New York Department of Financial Services (NYDFS) gives the green light.
Earlier this month, Ripple CEO Monica Long said the team is “operational ready” to launch the product. However, she also stated that development is in the hands of the NYDFS.
“It’s up to them. They’re reviewing our trust application. It’ll be in their hands when they approve it.”
XRP Price Outlook
Some analysts have previously suggested that the further advance of RLUSD and its eventual launch could positively impact the price of XRP.
Ripple’s native token has surged 3% on a 24-hour scale, currently trading around $1.46 (according to data from CoinGecko). It remains one of the best-performing cryptocurrencies over the past month following Donald Trump’s victory in the US presidential election and Gary Gensler’s (the US SEC chairman) confirmation that he will step down from his post in January 2025.
XRP Price, Source: CoinGecko
Gensler is known for his anti-crypto stance, and the agency has filed numerous lawsuits against cryptocurrency companies during his tenure. Perhaps the most popular is the legal battle against Ripple.
The XRP army is now hoping for a quicker and potentially favorable resolution under Gensler’s successor, who, according to some reports, may have a completely different approach to the digital asset sector.
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