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Ripple Burns Nearly All RLUSD, Sparking Big Announcement Speculation

Ripple’s anticipated entry into the stablecoin market appears imminent after the burning of nearly all Ripple USD (RLUSD) tokens earlier this week. According to Ripple Stablecoin Tracker, 46,676,120 RLUSD tokens were destroyed within 24 hours on Wednesday, sparking big announcement speculation. Pretty much all #RLUSD was burned today. On each Ethereum and XRP Ledger there is only around 100k RLUSD left. pic.twitter.com/05poexxvcE — Vet (@Vet_X0) November 28, 2024 Key Regulatory Hurdles Remain While excitement is building, regulatory approval remains a significant obstacle. Vet, a dUNL validator on the XRP Ledger, emphasized that approval from the New York State Department of Financial Services (NYDFS) is crucial for the stablecoin’s launch. Without this regulatory clearance, Ripple may face delays in rolling out its stablecoin to the broader market. Ripple Stablecoin RLUSD Strategy Ripple formally entered the stablecoin space in April 2024, aiming to capitalize on the increasing demand for dollar-pegged digital assets. Stablecoins like Tether (USDT) and Circle’s USDC dominate the market, with market capitalizations exceeding $130 billion and $40 billion, respectively. Ripple’s goal is to provide an alternative that leverages the company’s enterprise blockchain solutions. Ripple began testing its stablecoin in August 2024 with a select group of enterprise partners. The stablecoin was initially available on the XRP Ledger and Ethereum, allowing for broader adoption. Ripple has indicated that additional blockchain networks may be supported to enhance interoperability. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Market Positioning and Anticipated Launch Ripple’s stablecoin strategy is designed to compete in a rapidly growing market. Ripple President Monica Long stated earlier this month that RLUSD is already being used by select customers in preparation for the public launch. She previously suggested that the stablecoin could be released by the end of 2024, although no official date has been announced. Given the recent burning of RLUSD tokens and Ripple’s ongoing regulatory efforts, many in the cryptocurrency community believe the launch is imminent. However, until regulatory approval is secured, the exact timeline for the stablecoin’s public debut remains uncertain. The burning of millions of RLUSD tokens has intensified speculation regarding Ripple’s stablecoin launch. With initial use cases already in progress and plans to expand network compatibility, Ripple is positioned as a key player in the stablecoin market. Nevertheless, regulatory challenges could impact the timeline, leaving the community to await further announcements from the company. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Ripple Burns Nearly All RLUSD, Sparking Big Announcement Speculation appeared first on Times Tabloid . CoinOtag

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XRP Outperforms Crypto Majors as Japan Yen Strength Signals Bitcoin Trouble

XRP tokens surged more than 5% in the past 24 hours to drive gains among majors in the past 24 hours as a Thanksgiving holiday saw bitcoin (BTC) avoid a feared historical “massacre,” with a slight uptick across the market. BTC rose above $96,000 in the early hours Friday, a steady rise from Thursday’s lows of $93,500. Ether (ETH), Solana’s SOL, and BNB were little changed, Cardano’s ADA moved 3.5%, and dogecoin (DOGE) lost 1.2%. The broad-based CoinDesk 20 (CD20), a liquid fund tracking major tokens, added 1.3%. Algorand’s ALGO and Worldcoin’s WLD jumped as much as 21% to lead gains among midcaps on no immediate catalysts. The crypto market’s moves in Asian hours came as the Japanese yen broke a key level against U.S. dollars. The yen briefly strengthened past 150 against the dollar due to expectations of a Bank of Japan (BOJ) rate increase in December, spurred by higher-than-expected Tokyo inflation data. The movement was likely accentuated by month-end financial adjustments and low liquidity due to Thanksgiving. Market sentiment leans towards a 63% chance of a BOJ rate hike, contrasting with a 67% likelihood of a Fed rate cut, which could reduce the attractiveness of yen carry trades. Yen is colloquially known as an "anti-risk" currency and is seen as a safe-haven currency that investors turn to during times of stress. Yen`s outperformance at the end of July and September has previously catalyzed the unwinding of carry trades, or bullish risk-on bets, financed by relatively cheap yen-denominated loans as it became more expensive to borrow the Japanese currency. A CoinDesk analysis earlier this week signaled bitcoin`s bullish run has weakened, with the Aussie dollar/Yen exchange rate dropping, signaling a risk-off mood. The AUD, linked to global economic health, and the yen tend to affect risk assets like BTC inversely. This scenario echoes an earlier period when a yen surge due to BOJ rate hike rumors led to an 8% drop in AUD/JPY and a $20,000 fall in BTC, showing the potential impact of FX movements on cryptocurrencies. CoinOtag