{"id":24246,"date":"2024-11-28T14:04:23","date_gmt":"2024-11-28T14:04:23","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=24246"},"modified":"2024-11-28T14:04:23","modified_gmt":"2024-11-28T14:04:23","slug":"big-ripple-xrp-announcement-soon-company-burns-millions-of-rlusd-tokens","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=24246","title":{"rendered":"Big Ripple (XRP) Announcement Soon? Company Burns Millions of RLUSD Tokens"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple\u2019s stablecoin is reportedly ready for launch, pending NYDFS approval.
\nXRP remains strong, boosted by political shifts and anticipation of RLUSD\u2019s release, currently trading at $1.46 with further potential upside.<\/p>\n

<\/a><\/span><\/h2>\n

Is It Launch Time?<\/h2>\n

Ripple took center stage in April this year, <\/span>displaying<\/span><\/a> its plans to introduce a stablecoin pegged 1:1 to the American dollar. Over the past several months, the team disclosed that the product\u2019s name will be RLUSD and <\/span>will be<\/span> available on the XRP Ledger (XRPL) and Ethereum.<\/span><\/p>\n

Towards the end of the summer, Ripple <\/span>began<\/span><\/a> testing the stablecoin, alerting users that purchasing and trading will be open once it received the necessary regulatory approval.\u00a0<\/span><\/p>\n

The team minted and burned a vast amount of RLUSD during the testing phase. Most recently, X user Vet <\/span>claimed<\/span><\/a> that almost all stablecoins have <\/span>been burned<\/span>. \u201cOn each Ethereum and XRP Ledger, there is only around 100k RLUSD left,\u201d they added.<\/span><\/p>\n

The announcement triggered speculation that the product\u2019s launch might be <\/span>just around the corner<\/span>. However, Vet reminded <\/span>that<\/span> RLUSD will see the light of day once the New York Department of Financial Services (NYDFS) gives the green light.<\/span><\/p>\n

Earlier this month, Monica Long (Ripple\u2019s president) said the team is \u201coperationally ready\u201d to launch the product. However, she also <\/span>maintained<\/span><\/a> that the development is in the hands of the NYDFS.<\/span><\/p>\n

\u201cIt\u2019s up to them. They are reviewing our trust application. <\/span>It\u2019s going to<\/span> be in their hands when they\u00a0<\/span>are approving<\/span> it.\u201d<\/span><\/p>\n

XRP Price Outlook<\/span><\/h2>\n

Some analysts have previously suggested that the further advancement of RLUSD and its eventual launch could positively impact XRP\u2019s price.<\/span><\/p>\n

Ripple\u2019s native token has spiked by 3% on a 24-hour scale, currently trading at around $1.46 (per CoinGecko\u2019s data). It remains one of the best-performing cryptocurrencies in the last month following Donald Trump\u2019s win in the US presidential elections and Gary Gensler\u2019s (the Chairman of the US SEC) <\/span>confirmation<\/span><\/a> to vacate his post in January 2025.
\n<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

Gensler is known for his anti-crypto stance, and the agency has filed countless lawsuits against cryptocurrency businesses during his tenure. <\/span>Perhaps the<\/span> most popular is <\/span>the legal battle against Ripple<\/span><\/a>.<\/span><\/p>\n

The XRP army now expects a faster and potentially favorable resolution under Gensler\u2019s successor, who<\/span>, according to some <\/span>reports<\/span><\/a>,<\/span> might have a <\/span>totally<\/span> different approach to the digital asset sector.<\/span>\u00a0<\/span><\/p>\n

The post Big Ripple (XRP) Announcement Soon? Company Burns Millions of RLUSD Tokens<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple\u2019s stablecoin is reportedly ready for launch, pending NYDFS approval. XRP remains strong, boosted by political shifts and anticipation of RLUSD\u2019s release, currently trading at $1.46 with further potential upside. Is It Launch Time? Ripple took center stage in April this year, displaying its plans to introduce a stablecoin pegged 1:1 to the American […]<\/p>\n","protected":false},"author":0,"featured_media":24247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-24246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24246"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24246"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/24247"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}