Founder of the Tron blockchain, Justin Sun shared a post on X, hinting at the launch of Ripple’s upcoming RLUSD stablecoin on the Tron blockchain.
RLUSD on Tron? @JoelKatz
— H.E. Justin Sun 🍌 (@justinsuntron) December 11, 2024
However, RLUSD’s launch is still awaited. On December 11, Ripple’s CEO Brad Garlinghouse shared a big update regarding the RLUSD, saying the New York Department of Financial Justice (NYDFS) has officially approved the RLUSD.
He writes, “we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon and reminder: when RLUSD is live, you’ll hear it from @Ripple first.”
Known as a leader in cross-border business payments, Ripple has witnessed rising demand for RLUSD.
XRP Grows After NYDFS Approves RLUSD
On December 11, XRP regained the $2.30 level after the approval of Ripple’s RLUSD stablecoin launch by New York regulators. At the time of writing the cryptocurrency is trading around $2.40. With whale investors fueling a buying spree, XRP price could potentially break past the $4 mark in the upcoming days,
XRP saw a rebound on Tuesday after the cryptocurrency market experienced a massive $1.5 billion liquidation that triggered concerns over geopolitical risks on December 10.
The daily chart for XRP/USD shows a 24.7% rebound, moving from $1.90 to briefly hit $2.41 on Wednesday, recovering from 28.25 losses caused by the market crash on December 10.
XRP’s strong performance is closely tied to the approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services (NYDFS). There’s a buzz in the market about RLUSD’s possible launch on Friday (December 13, 2024).
Also Read: XRP A ‘Huge Loser’ in RLUSD Saga, Cardano Founder Speaks Out
