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Ripple on December 10th received the final approval from the New York Department of Financial Services (NYDFS) for the listing of its stablecoin. According to the official announcement, The NYDFS has given the regulatory approval of Ripple Labs’ RLUSD stablecoin.
With the listing of its Stablecoin, part of Ripple’s plan to fortify its ecosystem and take advantage of the rising demand for stablecoins—which analysts estimate will reach a $2 trillion market cap by 2028.
The news has likely landed well with market participants, which is demonstrated by the price of XRP. The price of XRP is currently up over 7% as compared to the same time last day.
Ripple Bags Green Signal For Stablecoin Listing
The green signal for Ripple’s $RLUSD comes at a time when the Stablecoin market has seen significant growth and demand among investors.
The first speculation around the approval of RLUSD came when FOX Business released a report anticipating that Ripple will be granted permission by the New York Department of Financial Services (NYDFS) to issue its stablecoin, RLUSD.
Ripple plans to formally launch RLUSD aims at aiding in the expansion of international payment and remittance transfers. For RLUSD, an enterprise-grade stablecoin with a USD value, Ripple had recently revealed its users and exchange partners.
Ripple Reveals Exchange Partners for RLUSD
With the listing, institutions and users will be able to access RLUSD globally through strategic partnerships with well-known international exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
The main objective of Ripple’s new Stablecoin is to develop a currency with “trust, liquidity, and compliance as its main tenets.”
XRP Price: What To Expect?
XRP price has been historically sensitive to the development in the Ripple Labs ecosystem. With the current optimism around the token, the Fear & Greed Index is currently at 78 (Extreme Greed), indicating a bullish sentiment.
With the announcement of the US 2024 elections and the resignation of the SEC chair Gary Gensler, XRP investors have rejoiced the past couple of days with 40.60% price volatility over the previous 30 days and 18/30 (60%) green days.
Considering the general market parameters of the token, there is a general bullish sentiment regarding the price of XRP, with 26 technical analysis indicators indicating bullish signals and four indicating bearish signals. Additionally, the XRP market is in a neutral position at the moment, as indicated by the RSI value of 61.37.