Ripple (XRP) Flips BNB to Reclaim Position as Fifth-Largest Crypto Asset

Ripple is set to receive approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin, allowing it to enter the US crypto market

Ripple is reportedly set to receive approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin, allowing it to enter the US crypto market.

According to a Fox Business report, the regulatory approval will enable Ripple to operate as a major player in New York’s regulated digital finance market and the broader stablecoin ecosystem.

The report indicates that the NYDFS is set to approve Ripple’s RLUSD, with the company expecting a launch on December 4.

Currently, Ripple operates RippleNet, a global payment network that utilizes blockchain technology to provide cross-border payment solutions for banks and businesses as an alternative to SWIFT.

While the company's native token XRP serves as a bridge currency for transactions, it remains unregulated in the US.

XRP, which is trading at $1.75 at the time of writing, has seen renewed momentum, recently flipping BNB to become the fifth-largest crypto asset by market capitalization and reaching a $100 billion market cap.

The token's price experienced a steep decline of over 50% in 2020 after the SEC filed a lawsuit alleging securities law violations.

However, it recently surged following Donald Trump’s election win, which is attributed to his promises to ease crypto regulation and position the US as the "crypto capital of the planet."