Ripple has received NYDFS approval to launch its stablecoin, RLUSD, pushing the price of the XRP token up over 9% in the past 24 hours. This comes after a significant price drop for this cryptocurrency, 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 partner listings and exchanges will be listed soon. Additionally, FOX Business journalist Eleanor Terrett reminded X users that she was one of the first to report on the launch of Ripple's stablecoin as early as November 29, with a 'possible' launch date of December 4.
Although RLUSD is not yet operational, Garlinghouse has confirmed that investors will be the first to hear about the launch from Ripple. It should be noted that this stablecoin will challenge the dominance of Tether's USDT and Circle's USDC once launched.
According to data from CoinMarketCap, the price of XRP has increased by 287.07% in the past 30 days and is at $2.30 at the time of writing. This digital asset is trading at a 40.15% discount compared to its all-time high of $3.84, achieved in January 2018.
The recent price surge of XRP is linked to excitement surrounding the launch of the RLUSD stablecoin and the partnership between the XRP Ledger ecosystem and Cardano.
XRP Price Analysis
The Relative Strength Index (RSI) of XRP is 62.03, which means that the buyers are completely in control of XRP's price movement, and the slope of this line suggests that the price may decrease in the near future as selling pressure increases on this digital asset.
The Moving Average Convergence/Divergence (MACD) indicator has confirmed a bearish divergence on the chart as the signal line broke above the MACD line. The MACD chart has also turned red and the situation has shifted to bearish for XRP.