Big Ripple (XRP) Announcement Soon? The company burns millions of RLUSD tokens

TL;DR

Ripple’s stablecoin is reportedly ready for launch, pending NYDFS approval. XRP remains strong, driven by political changes and anticipation of the launch of RLUSD, currently trading at $1.46 with more upside potential. Is it release time?

Ripple took center stage in April this year, showing its plans to introduce a stablecoin pegged 1:1 to the US dollar. Over the past few months, the team revealed that the name of the product will be RLUSD and it will be available on the XRP Ledger (XRPL) and Ethereum.

Towards the end of the summer, Ripple began testing the stablecoin, alerting users that buying and trading would be open once it received the necessary regulatory approval.

The team minted and burned a large amount of RLUSD during the testing phase. More recently, user X Vet claimed that almost all stablecoins have been burned. “In each Ethereum and XRP Ledger, there are only around 100k RLUSD left,” they added.

The announcement sparked speculation that the product’s launch could be around the corner. However, Vet reminded that RLUSD will see the light of day once the New York Department of Financial Services (NYDFS) gives the green light.

Earlier this month, Monica Long (president of Ripple) said that the team is “operationally ready” to launch the product. However, he also maintained that the development is in the hands of the NYDFS.

“It depends on them. They are reviewing our trust application. It will be in their hands when they approve it.”

XRP Price Outlook

Some analysts have previously suggested that the further advance of RLUSD and its eventual release could positively affect the price of XRP.

Ripple’s native token is up 3% on a 24-hour scale, currently trading around $1.46 (according to CoinGecko data). It remains one of the best performing cryptocurrencies in the last month after the victory of Donald Trump in the US presidential election and the confirmation of Gary Gensler (the chairman of the US SEC) to leave his position in January 2025

XRP Price, Source: CoinGecko

Gensler is known for his anti-crypto stance, and the agency has filed countless lawsuits against cryptocurrency companies during his tenure. Perhaps the most popular is the legal battle against Ripple.

The XRP army is now hoping for a faster and potentially favorable resolution under Gensler’s successor, who, according to some reports, could take a totally different approach to the digital asset sector.

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