Ripple's Big Plans in “Uptober”! Despite the rumors of SEC's reappeal on XRP status, Ripple is poised for exciting developments next month. Monica Long, Ripple's president, shared insights into the company's plans, including the upcoming RLUSD stablecoin launch, enhancements to the XRP Ledger (XRPL), and a focus on global expansion.
SEC Case Resolved: A New Dawn for Ripple
The court ruling that XRP is not a security has provided Ripple with the clarity it desperately needed. Long noted that this victory benefits Ripple and sets a precedent for the entire crypto industry. Although the SEC might consider an appeal by October 7, however, Ripple remains optimistic about its strong position.
Ripple's Imminent Launch to Pump the Network
Ripple is set to launch its RLUSD stablecoin by the end of 2024, pending regulatory approval. Backed by U.S. dollars and short-term Treasury bills, RLUSD aims to facilitate transactions for institutional investors without disrupting XRP's market share. Given its favorable regulatory climate, Garlinghouse views Japan as an ideal market for RLUSD. The stablecoin is beta testing on the XRPL and Ethereum networks.
Beyond the stablecoin, Ripple plans to enhance the XRP Ledger. Long hinted at introducing “Hooks” to bring smart contract capabilities, complementing existing features like decentralized exchanges (DEX) and automated market makers (AMM). These upgrades aim to make XRPL even more competitive in the enterprise-grade blockchain space.
According to the notable XRPL validator Vet, Ripple's RLUSD stablecoin launch is nearing. Unusual minting activity, including the recent minting of 5,515 RLUSD tokens on Ethereum, has drawn attention; this raised the total circulating supply to 6,028 tokens and suggests an intensified testing phase. This latest issuance marks the largest since the project began in late August and aims to assess RLUSD's performance across both the Ethereum and XRPL networks.
Meanwhile, the XRP community is buzzing with speculation about how RLUSD's debut might affect XRP's price. Some believe that if RLUSD equals the value of one XRP, it could lead to a significant price increase for XRP, currently valued at $0.5854, well below its previous $1 peak in November 2021.
Global Expansion: Shifting Focus to Asia
While regulatory challenges persist in the U.S., Ripple's growth is accelerating in Asia, with 40% of its activities now based in the region. Moreover, both Garlinghouse and Long have noted the long-term partnership with Japan's SBI Group as a crucial driver of XRP adoption, positioning Ripple as a significant player in the future of decentralized finance.
As Ripple embarks on this new chapter, it is set to innovate, expand globally, and redefine the roles of both XRP and the broader blockchain ecosystem.
