RLUSD Stablecoin: Ripple Secures NYDFS Approval, XRP Up 9%

Ripple has received approval from NYDFS to launch its stablecoin, RLUSD, pushing the price of XRP token up more than 9% in the past 24 hours. This comes after a significant drop in the price of this cryptocurrency, from a multi-year high of $2.70 to $2.30. Ripple CEO Brad Garlinghouse celebrated NYDFS's approval of RLUSD stablecoin. He said partner lists and exchanges will be listed soon. And, FOX Business journalist Eleanor Terrett reminded X users that she was one of the first to report on Ripple's stablecoin launch as early as November 29, with a possible launch date of December 4. Although RLUSD is not yet live, Garlinghouse has confirmed that investors will be the first to hear about Ripple's launch. It should be noted that this stablecoin will challenge the dominance of Tether's USDT and Circle's USDC once it is released. According to CoinMarketCap data, the price of XRP has increased by 287.07% in the past 30 days and is currently at $2.30 at the time of writing. This digital asset is trading at a 40.15% discount from its all-time high of $3.84, achieved in January 2018. The recent price increase of XRP is related to the excitement surrounding the launch of the RLUSD stablecoin and the collaboration between the XRP Ledger ecosystem and Cardano. XRP price analysis The relative strength index (RSI) of XRP has a value of 62.03, which means that the buying side is fully controlling the price movement of XRP and the slope of this line indicates that the price may decrease in the near future as selling pressure increases for this digital asset.

The Moving Average Convergence/Divergence (MACD) indicator has confirmed a bearish divergence on the chart as the signal line breaks above the MACD line. The MACD chart has also turned red, indicating a bearish trend for XRP.