In a post on the social media platform X, Ripple chief executive Brad Garlinghouse says that Ripple USD (RLUSD) – the firm’s new dollar-pegged crypto asset – has been approved by the New York Department of Financial Services (NYDFS).

The XRP price surged over 6% in the last 24 hours after Ripple CEO Brad Garlinghouse said stablecoin RLUSD had received regulatory approval.

XRP is soaring after its creator, Ripple, announced that its planned and unrelated RLUSD stablecoin has finally received regulatory approval and is preparing to launch “soon.” XRP is up 11% in the last 24 hours,

The approval is a necessary step towards the public launch of the RLUSD token, which is currently in test mode on Ethereum and XRP Ledger.

XRP (XRP-USD), the native cryptocurrency of the XRP Ledger, which was created by Ripple's founders, extended its strong bull run in Wednesday morning trading, surging 20%, after Ripple CEO Brad Garlinghouse said the private fintech company's much-anticipated stablecoin received final approval from the New York Department of Financial Services.

Ripples RLUSD Stablecoin Approval Ripples RLUSD stablecoin has received approval from the New York State Department of Financial Services, marking a significant milestone for the company. The stablecoin is pegged 1:1

XRP prices are recovering from the broader crypto market crash earlier this year as the token was positively affected by news that Ripple's $RLUSD stablecoin has been approved by the NYDFS.