• Ripple’s RLUSD secures approval from New York Department of Financial Services.
• Brad Garlinghouse confirmed partner and exchange listings to follow soon.
• Eleanor Terrett first reported a “possible” December 4th launch on November 29th.

Ripple gained NYDFS approval to launch its stablecoin, RLUSD, boosting the price of the XRP token by more than 9% in the past 24 hours. This follows a massive crash in the cryptocurrency’s price, from a multi-year high of $2.70 to $2.30.

Ripple chief executive Brad Garlinghouse celebrated the NYDFS approval of the RLUSD stablecoin. He said exchange and partner listings will soon follow. And, FOX Business journalist Eleanor Terrett reminded X users that she was among the first to report on Ripple’s stablecoin launch as early as November 29th, with a “possible” launch date of December 4th.

Although RLUSD is not yet live, Garlinghouse confirmed that investors will first hear about the launch from Ripple. It should be noted that the stablecoin is set to challenge the dominance of Tether’s USDT and Circle’s USDC once released.

According to CoinMarketCap data, the price of XRP has jumped 287.07% in the past 30 days and sits at $2.30 at the time of writing. The digital asset is trading at a 40.15% discount from its all-time high of $3.84, reached in January 2018. 

XRP’s recent rally relates to the excitement surrounding the debut of the RLUSD stablecoin and the partnership between the XRP Ledger and Cardano ecosystems.

XRP Price Analysis

The XRP Relative Strength Index (RSI) reads a value of 62.03 which means that the bulls are overall in control of the XRP price action and the gradient of the line suggests that lower prices can be seen in the near future as bearish pressure mounts for the digital asset.

The Moving Average Convergence/Divergence (MACD) indicator has confirmed a bearish divergence on the chart as the signal line broke above the MACD line. The MACD histogram also turned red and the situation has turned bearish for XRP.