Time: 2024-08-05
San Francisco - headquartered company Ripple is moving forward with the launch of its stablecoin named Ripple USD ( RLUSD ) . The much - anticipated project was officially announced at the XRP Ledger Community Summit in Amsterdam in June . Ripple 's stablecoin is set to debut on XRP Ledger and Ethereum , with the possibility of expanding to other chains in the future . The company believes that Solana could be a potential platform for issuing its stablecoin , as mentioned by Vet , the operator of the XRP Ledger dUNL . Ripple is entering a competitive stablecoin market , with giants like Tether 's USDT and Circle 's USDC already dominating the space.
Ripple CEO Brad Garlinghouse recently discussed the upcoming stablecoin and Ripple 's plans for the asset in various television appearances . The stablecoin page went live on Ripple 's official website on August 4 , providing more information about the project . However , XRP traders are still awaiting a ruling in the SEC lawsuit against Ripple . The lawsuit has been ongoing , with Judge Analisa Torres expected to rule on the allegations that Ripple sold unregistered securities ( XRP ) to institutional investors . Despite the legal battle , Ripple remains positive about XRP 's non - security status and legal clarity.
Ripple 's stablecoin , RLUSD , is designed to allow users to hold , buy , and trade USD on - chain for payments . The stablecoin will be pegged to the US dollar and issued on both the XRP Ledger and Ethereum blockchain . The official website states that regulatory approval will be required for the stablecoin to be available . XRP 's price has been fluctuating , with the altcoin losing key support levels . The Moving Average Convergence Divergence ( MACD ) indicator suggests a further decline in XRP 's price , with a potential target of sh.50 . However , a daily close above sh.5632 could invalidate the bearish outlook and lead to a rally towards sh.70.
In conclusion , Ripple 's foray into the stablecoin market with RLUSD marks a significant development for the company . Despite ongoing legal challenges , Ripple remains optimistic about the future of its stablecoin project and XRP 's position in the cryptocurrency market . Brad Garlinghouse 's comments and the official launch of the stablecoin page signal Ripple 's commitment to innovation and growth in the digital currency space.
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