Ripple Labs’ announcement of its plan to introduce a native stablecoin on the XRP ledger provides a major thrust for the XRP price rally.
Within 24 hours of the stablecoin launch news, XRP Open Interest surged from $899 million to $981.2 million, representing a 9% increase.
The XRP price has been on the uptrend in the last two days gaining over 3% and moving closer to $ 0.60 with its market cap surging to $32.5 billion. Also, the recent thrust in the XRP price comes after Ripple Labs announced the launch of its native stablecoin, as reported by Crypto News Flash.
Ripple Labs unveiled its intention to introduce a proprietary stablecoin on the XRP ledger blockchain network on April 4. The forthcoming Ripple stablecoin, slated for release later this year, will maintain a 1-to-1 peg with the US dollar. As per the company’s announcement, it will be supported by cash equivalents, such as U.S. dollar deposits, U.S. government bonds, and other low-risk investments.
The current size of the

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