XRP price has been rallying in the aftermath of Ripple’s stablecoin approval from Dubai Financial Services Authority, integrating it into the region’s payment platform.
At press time, XRP (XRP) price has been on the rise since the announcement first aired. In the past 24 hours, XRP has been seeing modest gains, climbing up by 2.2% to $2.20. It shot up from its lowest point at $2.14 to a peak of $2.22 in the span of only a few hours. The XRP price managed to break through its week-long decline.
In the past week, the XRP price has been down 5.1%. Even more so in the past two weeks, as its value plummeted by 6.6%. It stands 35% below its previous all-time high.
Not only that, the daily trading volume for Ripple has also seen a modest boost in its numbers, rising 11% to $1.87 billion. This indicates that the market has seen a recent rise in XRP trading activity. At the moment, XRP’s market cap stands at $129 billion.
This boost in value and trading volume comes after Ripple announced that its stablecoin RLUSD (RLUSD) has gained approval from the Dubai Financial Services Authority.
After gaining approval from Dubai regulators, the daily trading volume for RLUSD shot up by 57.9% to $35 million.
Now that Ripple has obtained regulatory approval for its stablecoin, it is able to integrate RLUSD into the DFSA-licensed payments platform, which uses the XRP Ledger to connect a global payout network. RLUSD provides key benefits like cheaper payment costs, faster settlement times, and regulatory clarity.
Dubai International Financial Centre hosts nearly 7,000 firms, providing access to RLUSD across various licensed virtual asset services.
With the recent approval, RLUSD has become one of only a handful of stablecoins which have received the regulatory green light from both the DFSA and the New York Department of Financial Services.
Launched in December 2024, RLUSD is available in both the XRP and Ethereum (ETH) ecosystem. There are also plans to integrate the stablecoin into Cardano’s (ADA) ecosystem.
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