- Ripple advances RLUSD testing on XRP Ledger and Ethereum, minting 49M tokens for treasury transfers.
- XRP surges 30.55% to $2.758, fueled by RLUSD stablecoin updates and market anticipation.
- Ripple eyes stablecoin market leadership with RLUSD amid U.S. regulatory clarity and potential XRP ETF approval.
Ripple Labs has accelerated testing for its RLUSD stablecoin, showcasing activity on both the XRP Ledger and Ethereum. According to the Ripple Stablecoin Tracker, recent testing involved minting and transferring RLUSD tokens. The XRP Ledger recorded a minting of 9,999,700 RLUSD tokens at Index 146, while Ethereum saw a larger minting of 39,999,523 tokens at Block 21316829.
In both cases, Ripple moved the minted tokens between treasury accounts. The XRP Ledger transaction occurred at Ledger 92,505,016 with the purpose labeled as Payment. The Ethereum transactions mirrored this, indicating a structured process for treasury fund management.
Upcoming Regulatory Milestone
This activity coincides with Ripple Labs potentially securing a significant regulatory approval in New York. While the timeline for this approval remains uncertain, industry observers anticipate progress before year-end. A successful approval could position Ripple’s RLUSD for broader adoption in the growing stablecoin market.
Ripple’s stablecoin updates align with a significant surge in XRP’s price. At the time of filing the report, XRP had a value of $2.758 for one coin, which had risen by 30.55% in 24 hours. In this period, the cryptocurrency peaked at $ 2.849 an increase from a bottom of $ 2.094.
Ripple insiders have highlighted RLUSD’s potential to strengthen XRP’s liquidity in the payments ecosystem. By pairing RLUSD with XRP, Ripple aims to enhance cross-border transaction efficiency, benefiting XRP in the long term.
Future Projections for Ripple and XRP
Ripple’s efforts in stablecoin development come amidst increasing calls for regulatory clarity in the U.S. Such clarity could pave the way for innovations that further boost XRP’s value. Among the potential developments is the approval of an XRP-based ETF. Market analysts believe this could gain traction under a pro-crypto leadership at the U.S. Securities and Exchange Commission (SEC).
The actions of Ripple indicate its plans to increase its impact within the sector of blockchain payments. The possible successful launch of RLUSD and new laws in the field can give the company more chances for becoming the market maker in the sphere of stablecoins.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
