Ripple has announced a delay in the launch of its stablecoin, $RLUSD, as it awaits final approval from the New York Department of Financial Services. This delay comes as the price of Ripple's native token, XRP, dropped, causing it to lose its position as the third-largest cryptocurrency. XRP's price declined from $2.59 to $2.31 within 24 hours, pushing it below Tether's market cap. However, XRP still remains ahead of Solana and Binance token. The drop in price may be related to panic selling and a cooling-off period in the market. The success of Ripple's stablecoin is essential for enhancing its On-Demand Liquidity platform and driving XRP prices higher. The price of XRP is currently in a period of diminished volatility, with market participants anticipating a breakout or breakdown.



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