XRP and RLUSD: Ripple’s Crypto Comeback in 2024
The cryptocurrency world was set abuzz on Sunday as $XRP surged, surpassing $SOL and $USDT to claim the coveted third spot among the top cryptocurrencies, with Bitcoin and Ethereum leading the pack.
Ripple, the fintech company behind the XRP Ledger (XRPL), has had its fair share of legal battles with the U.S. Securities and Exchange Commission (SEC) since late 2020. However, after four long years, XRP has broken free from the SEC’s grip and is on its way to hitting $3.
During its legal struggles, Ripple faced a decline in popularity, and XRP’s value plummeted significantly. But fast forward to 2024, and XRP is making a remarkable comeback. The introduction of its new regulated stablecoin, RLUSD, has created quite a buzz, with reports indicating that it is on the verge of approval by the New York Department of Financial Services (NYDFS).
XRP’s resurgence began during the U.S. elections week in 2024 when its value soared above $1, reigniting hope for the once-dominant cryptocurrency. Since then, XRP has breached $2 and is currently trading around $2.60, just shy of its all-time high of $3.40 recorded in early 2018. The coin has experienced a remarkable 416% increase in the past 30 days, delighting its loyal community of XRP token holders known as the XRP Army.
Ripple’s upcoming regulated stablecoin, RLUSD, has been garnering attention in the crypto space, with strategic partnerships established with major firms such as Uphold, MoonPay, and Bitstamp. The stablecoin is also backed by a stellar advisory board featuring industry experts like FDIC Chair Sheila Bair and former CENTRE Consortium CEO David Puth.
With RLUSD poised to enter the market, questions arise about its potential to challenge existing stablecoins like USDT and USDC. While Tether has faced regulatory scrutiny due to its offshore operations, RLUSD’s regulated status positions it as a contender in the stablecoin arena, poised for significant adoption.
The anticipation surrounding RLUSD’s approval has sparked discussions on social media about its potential impact on XRP prices. Crypto enthusiasts and experts alike are optimistic about the stablecoin’s launch, projecting positive outcomes for the XRP Ledger and its native cryptocurrency.
Ripple’s journey from legal battles to regulatory approval marks a significant turning point for the company and the cryptocurrency industry as a whole. With XRP reclaiming its position as the world’s third most valuable crypto asset, Ripple’s resurgence is a testament to the resilience and perseverance of the crypto community. As Ripple looks ahead to a promising future under new leadership and evolving regulatory landscapes, the stage is set for a remarkable comeback story in the world of cryptocurrency.
