$XRP
has experienced a notable decline, dropping over 5% to approximately $2.33, following Ripple's announcement of a delay in the launch of its RLUSD stablecoin. The postponement, attributed to pending final approval from the New York Department of Financial Services, has raised concerns among investors, leading to significant liquidations totaling over $15 million in bullish positions.
Adding to the market's apprehension, JPMorgan's recent partnership with three U.S. banks to develop a new Wall Street-focused stablecoin has intensified competition in the stablecoin sector. This development may have further impacted investor sentiment towards Ripple's RLUSD.
Despite these challenges, Ripple's RLUSD stablecoin has shown significant growth, with its market capitalization reaching $244 million since its December debut, reflecting an 87% increase over the past month. The stablecoin operates on both the XRP Ledger and Ethereum, aiming to provide liquidity and support for Ripple's financial ecosystem.
Investors are advised to monitor these developments closely, as the evolving dynamics in the stablecoin market and regulatory landscape continue to influence XRP's performance.