XRP Cryptocurrency Surpasses $2, Ripple Labs Close to Launching Stablecoin RLUSD

• XRP Surges Above $2 With Strong Rally
• Ripple Labs Close to Stablecoin Approval
• Partnerships strengthen RLUSD launch

XRP, one of the most talked-about cryptocurrencies in the market, has reached a significant milestone by breaking above the $2,00 resistance today. The digital currency is currently trading at $2,14, reflecting a 10% increase on the day and an impressive 50% increase in the past week.

In addition to the rise, XRP has surpassed Solana in the cryptocurrency rankings. With a market capitalization of US$ 117.075.785.819, XRP now occupies the fourth position in the ranking, while Solana has a capitalization of US$ 112.050.529.001.

This upward movement comes at a crucial time for Ripple Labs, which is on the verge of significant development with its RLUSD stablecoin.

According to recent reports, one of New York’s top financial regulators, the New York Department of Financial Services (NYDFS), is considering approving RLUSD. Anonymous sources have revealed that Ripple may get the green light for the stablecoin ahead of its official launch scheduled for December 4. This news comes as Ripple Labs strengthens its position in the market by establishing strategic partnerships with renowned cryptocurrency platforms, including Bitstamp and MoonPay.

Keith Grossman, MoonPay’s President of Ventures, highlighted the importance of these developments for the industry. He commented: “For another well-capitalized and highly regulated player to enter the global stablecoin market – especially as MiCA (Markets in Crypto Assets) regulation in Europe is about to be implemented – is a win-win situation, and MoonPay is proud to provide access to RLUSD to our partners and customers on day one of Ripple’s launch.”

In a broader context, Ripple Labs has faced legal challenges, such as the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in December 2020, accusing the company of selling unregistered securities. However, recent court rulings have favored Ripple, with a judge ruling that retail sales of XRP do not qualify as securities. Additionally, in May, it was determined that RLUSD qualifies as an “unregistered crypto asset.”