Stablecoin

Dubai

<ul>
 <li aria-level="1">Ripple Labs partners with DIFC Innovation Hub, UAE, showing confidence in XRP’s utility in global finance.</li>
 <li aria-level="1">Introduction of RLUSD stablecoin by Ripple aims to enhance cross-border payments, using XRP as bridge currency.</li>
</ul>
Amid a modest rally in the cryptocurrency market, Ripple Labs has announced strategic initiatives that have refocused attention on its associated digital asset, XRP. Despite recent advances, the long-term consolidation of XRP remains a point of debate among industry analysts and investors.
<figure id="attachment_86025" aria-describedby="caption-attachment-86025" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class="size-full wp-image-86025" src="https://www.ethnews.com/wp-content/uploads/2024/08/Ripple-2.jpeg" alt="Ripple-2" width="2048" height="1135">
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 Source: TradingView
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Recently, Ripple’s engagement with the DIFC Innovation Hub in the UAE has brought some optimism. This collaboration aligns with Ripple’s commitment to supporting developers through a substantial fund aimed at enhancing the XRP Ledger (XRPL) platform.&nbsp;
<figure id="attachment_86029" aria-describedby="caption-attachment-86029" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-86029" src="https://www.ethnews.com/wp-content/uploads/2024/08/Ripple-3.png" alt="" width="601" height="202">
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 Source: Santiment
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The approval of XRP by the Dubai Financial Services Authority for use by licensed firms adds a regulatory nod that underscores the digital asset’s growing acceptance in international financial ecosystems.
Additionally, Ripple is preparing to introduce the <a href="https://www.ethnews.com/ripples-filedgr-initiative-enhances-ai-data-authentication-using-xrp-ledger/" rel="noopener noreferrer nofollow">RLUSD stablecoin</a>, which aims to facilitate instant cross-border payments, with XRP serving as a bridge currency to bolster liquidity. Such developments suggest a proactive approach by Ripple to expand its utility and market presence.
However, despite these positive steps, <a href="https://www.ethnews.com/shocking-predictions-ripples-rlusd-could-change-everything-in-2024/" rel="noopener noreferrer nofollow">XRP’s performance in the market</a> tells a more nuanced story. 
The cryptocurrency has been trapped in a seven-year consolidation phase, with its price movements forming a descending triangle pattern on the charts, typically indicating potential future declines rather than an upward breakout. 
This pattern, coupled with a price increase of 10% in the last 24 hours, does not&nbsp; alter the long-term perspective, which still leans towards stagnation.
<figure id="attachment_86033" aria-describedby="caption-attachment-86033" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-86033" src="https://www.ethnews.com/wp-content/uploads/2024/08/Ripple-5.png" alt="" width="1037" height="447">
 <figcaption id="caption-attachment-86033" class="wp-caption-text">
 Source: DeFiLlama
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A deeper analysis of on-chain metrics reveals concerning signals about the digital asset’s activity and market engagement. The total value locked (TVL) in Ripple stands at a mere $11.07 million, markedly lower compared to its peers like Ethereum, Tron, Solana, and Binance Smart Chain, which boast TVLs in billions.
Metrics such as wallet activity, developer engagement, and trading volumes further paint a picture of an asset struggling to break out of its long-term sideways trading pattern.
 Despite the optimistic developments from Ripple Labs, the on-chain data and <a href="https://www.ethnews.com/could-this-weeks-ripple-decision-reshape-the-future-of-cryptocurrency/" rel="noopener noreferrer nofollow">market response</a> suggest that XRP may continue to face hurdles in achieving robust growth and breaking free from its protracted consolidation phase.
The post <a href="https://www.ethnews.com/ripples-game-changing-stablecoin-could-upend-crypto-heres-how/" rel="noopener noreferrer nofollow">Ripple’s Game-Changing Stablecoin Could Upend Crypto—Here’s How!</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Ripple’s Game-Changing Stablecoin Could Upend Crypto—Here’s How!

ETHNews

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