Ripple Postpones Stablecoin Launch, XRP Price Drops, Loses Third-Largest Crypto Position

Ripple Delays $RLUSD Stablecoin Launch

Ripple has pushed back the launch of its stablecoin, $RLUSD, awaiting final approval from the New York Department of Financial Services. The company confirmed the delay in an official statement on Dec. 5, stating that “$RLUSD isn’t launching today.”

XRP Price Decline and Ranking Change

Following the announcement, XRP’s price experienced a significant drop from $2.59 to $2.31 within 24 hours, as reported by CoinMarketCap. This decline led to XRP losing its position as the third-largest cryptocurrency by market capitalization, falling behind Tether (USDT) with a market cap of $135.8 billion.

XRP Market Update

Currently, XRP’s market cap sits at $131.42 billion, marking a 12% decrease in the past 24 hours. Despite this drop, XRP remains ahead of Solana (SOL) and Binance Token (BNB). The 24-hour trading volume for XRP has also decreased to $26.02 billion, down nearly 40% from the previous day.

Impact of RLUSD Delay on XRP Price

Speculations surrounding the delay of RLUSD may have contributed to panic selling, resulting in increased selling pressure on XRP. The market is currently experiencing a cooling-off period, reflected in the reduced trading volume and price decrease. This could have influenced XRP’s ranking and its drop in position among cryptocurrencies.

Future Outlook for XRP

The surge in stablecoins in the market, with a 24-hour volume of $317.13 billion, could impact XRP’s price movement. Ripple’s success with its stablecoin is crucial for enhancing its On-Demand Liquidity platform and driving XRP prices higher. Looking at Bollinger Bands, market participants are anticipating a breakout or breakdown to determine the next significant price move for XRP.

Disclaimer: This article is for educational purposes only and does not constitute investment advice.