Published on augustus 10, 2024, 12:27 am
Image source: Fox News
```json [ "TLDR: Ripple projects significant growth in stablecoin market to $2 trillion by 2028 with the introduction of their USD-pegged stablecoin RLUSD. Despite legal battles and penalties, Ripple CEO remains positive due to a recent victory against SEC lawsuit leading to a 26% surge in XRP value. However, the XRP ledger experienced a substantial decrease in transaction volume during Q2 2024. Ripple remains optimistic about RLUSD and XRP's future despite challenges." ] ```
Ripple, a major player in the cryptocurrency world, is projecting significant growth in the stablecoin market, estimating it to reach $2 trillion by 2028. The company recently unveiled its United States dollar-pegged stablecoin, Ripple USD (RLUSD), undergoing testing on both the XRP ledger and Ethereum mainnets. This stablecoin is set to be overcollateralized at a ratio of 1:1 with the US dollar, showcasing transparency through audits and monthly reserve reports.
Amidst these developments, Ripple reaffirmed its commitment to utilizing both XRP and RLUSD in the market. Despite facing legal battles that culminated in a $125-million penalty imposed by Judge Analisa Torres from the SEC lawsuit, Ripple CEO Brad Garlinghouse considered this outcome a victory against regulatory challenges. This positive news boosted XRP’s value significantly by 26%, climbing to $0.64 following the ruling announcement.
However, despite these victories for Ripple, their XRP ledger saw a notable 65.6% decrease in transaction volume during Q2 2024 based on Ripple Labs’ report. Transaction numbers dropped from over 251 million to roughly 88 million between the first and second quarters of that year while transaction costs spiked significantly.
Looking forward, Ripple remains optimistic about the role of RLUSD alongside XRP in shaping future markets within the cryptocurrency realm despite ongoing legal and operational challenges faced along the way.
Original article posted by Fox News
