XRP's 24-hour price surge reached 26%, and in addition to the expected resolution of SEC's regulatory concerns, the issuance of Ripple's stablecoin RLUSD has also attracted much attention. XRP has recently successfully established itself as the third-largest cryptocurrency by market capitalization, surpassing BNB and SOL.
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ToggleThe development of the RLUSD stablecoin helps the rise of XRP
It was reported over the weekend that the New York Department of Financial Services (NYDFS), the highest cryptocurrency regulatory authority, is about to approve the new stablecoin RLUSD issued by the cross-border payment company Ripple.
Crypto entrepreneur @realMaxAvery shared on X the impact of the RLUSD stablecoin's development on its blockchain ecosystem and XRP, including:
- More RLUSD transactions mean more activity on the XRPL chain. XRP, as the native token on its chain, used for fees and bridges, will drive the demand for XRP
- XRPL is adept at cross-asset transfers. XRP will also serve as a bridge between RLUSD and other assets, and as the adoption of RLUSD increases, it will also drive the utility of XRP
- The issuance of RLUSD has increased the liquidity of XRPL. More liquidity attracts traders and institutions who use XRP to collect fees, creating a virtuous cycle of adoption and demand
- RLUSD can be integrated with DeFi on XRPL. XRP will provide support for these dApps, expanding their use cases and relevance
- The adoption of RLUSD signifies the strength of XRPL, boosting market sentiment towards XRP and driving speculative and institutional interest
- Just as stablecoins like USDT and USDC have transformed Ethereum and TRON, RLUSD can have a similar effect on XRPL, positioning XRPL as a cheap, efficient payment hub
- Stablecoins play an important role in remittances, and RLUSD can leverage XRP's bridging capabilities to simplify international payments on XRPL
- Stablecoins are a friendly gateway for many to enter the cryptocurrency space. RLUSD can lower the entry barrier and attract new participants to the XRP Ledger ecosystem
- Each RLUSD transaction will burn a small amount of XRP. Over time, this will reduce the supply of XRP, increasing its scarcity value
- If RLUSD succeeds, XRP will benefit. More transactions, more utility, and more market confidence create upward price opportunities for XRP
Will an XRP ETF be listed next year?
In an interview in June, Ripple CEO Brad Garlinghouse expressed strong confidence in the feasibility of an XRP ETF and predicted it would happen by 2025.
Currently, three ETF issuers, including Bitwide, 21Shares, and Canary Capital, have filed S-1 documents for XRP ETFs with the U.S. Securities and Exchange Commission (SEC), but they have not yet appeared in the SEC's Federal Register (appearing in the Register is when the formal review process begins).
ETFStore founder Nate Geraci believes that even a year ago, there wasn't a single spot Bitcoin ETF, but now Bitcoin, Ethereum, crypto indexes, Solana, XRP, and Litecoin are all in the application pipeline, and by this time next year, a diverse multi-crypto asset portfolio could be constructed through ETFs.
ABMedia previously reported that Wall Street is ready to unleash a new generation of speculative products in the $3.2 trillion industry to satisfy investors' appetites.
(Wall Street's ETF teams are ready with more crypto ETF scripts)
XRP breaks through $2
XRP broke through $2 today, trading at $2.38218 at the time of writing, with a one-month gain of 365%.
