Today, #XRP witnessed a major comeback after losing the $2 range during the market-wide dump of the last two days.
Notably, the turnaround emerged as the New York Department of Financial Services (NYDFS) approved Ripple’s RLUSD stablecoin, a product designed to enable cross-border payments.
The regulatory green light, announced by Ripple CEO Brad Garlinghouse, follows months of review, positioning Ripple for the imminent mainnet launch of its dollar-pegged stablecoin.
Ripple’s CEO also revealed plans to announce exchange and partner listings soon, signaling preparations for the stablecoin’s rollout. Additionally, Garlinghouse cautioned XRP community members not to fall for scams amid the ongoing excitement about coming to RLUSD. “When RLUSD launches, Ripple will be the first to share the news,” he said.
XRP Price Reaction
Ripple’s announcement of RLUSD approval spurred notable activity in the market. XRP, the crypto asset closely associated with Ripple, experienced a surge following the news.
After dipping to a low of $1.91 on Tuesday, XRP has rallied to $2.41 today, reflecting a 26.17% comeback.
XRP has retraced slightly as of press time, trading at $2.33 amid selling pressure. XRP’s market capitalization is now closing in on Tether’s $138 billion valuation once again.
