Critical development in Ripple: How will it affect XRP price?

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Ripple is testing the stablecoin Ripple USD (RLUSD) on XRP Ledger and Ethereum.

The company announced that RLUSD is now in private beta. The company wrote on social media platform X on Friday, 'Ledger and Ethereum mainnet.' Also, 'RLUSD has not yet received regulatory approval and is not suitable for purchase or trading. Please be careful of scammers who claim to own or distribute RLUSD.'

Ripple's touch on stablecoins

Ripple President Monica Long said in a statement on June 25 that stablecoin will complement XRP, the cryptocurrency that forms the basis of the XRP Ledger blockchain. XRP traded at $0.58 on August 9 at 12:22 PM (16:22 UTC). According to CoinMarketCap, the popular altcoin increased by 5.29% in the last 24 hours.

The company announced earlier this year that it will launch a USD-pegged stablecoin in hopes of competing in the stablecoin market. As of August 9th, USDT and USDC account for 121.62 billion dollars (70.6%) and 36.38 billion dollars (21%) respectively, making up a total stablecoin supply of 172.29 billion dollars.

This article does not contain any investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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