XRP loses 3rd largest crypto spot as Ripple confirms postponing stablecoin launch 🚀

Ripple, widely known for its cross-border payments in the crypto space, has postponed the launch of its stablecoin, $RLUSD, as it awaits a final nod from the New York Department of Financial Services. In an official announcement on X, Ripple said, “$RLUSD isn’t launching today.” on Dec. 5.

Despite some speculation, $RLUSD isn’t launching today. We’re in lockstep with the NYDFS on final approval and will share updates as soon as possible.

We are fully committed to launching under the supervision of NYDFS and upholding the highest regulatory standards. Stay tuned…

— Ripple (@Ripple) December 4, 2024

The announcement coincided with a noticeable decline in Ripple’s native token’s xrp4.29%XRP market price. XRP’s price dropped from $2.59 to $2.31 within 24 hours, as per CoinMarketCap. This sharp tail-off has pushed XRP away from the position of the third largest cryptocurrency by market capitalization, falling short of Tether’s (USDT) market cap of $135.8 billion.