Ripple (XRP) News Today August 28th

Ripple, its native token XRP, and its stablecoin RLUSD remain some of the most intriguing topics in the crypto space. In the following lines, we will touch upon the latest news surrounding them.

Ripple’s Recent Endeavors

Earlier this week, the leading Chinese supply chain finance provider, Linklogis, announced a strategic deal with Ripple to deploy its application on the XRP Ledger (XRPL) mainnet and drive its large-scale commercialization. 

In a later stage, the two parties will explore deeper collaboration in areas like stablecoins and supply chain finance innovation. 

In addition to Ripple’s progress in Asia, there have been rumors that XRP might receive additional backing from the US-based exchange Uphold. The trading venue released a cryptic post on X consisting of the numbers “01011000 01010010 01010000.”

Тhe Ripple community was quick to decipher the code, pointing out that the sequence above is the binary representation of XRP using the ASCII standard. Uphold listed the asset in 2018 and didn’t halt trading after the lawsuit with the US SEC began in late 2020 (like some other exchanges did). That said, it remains a mystery what its next potential XRP move will be.

RLUSD in the Spotlight Again

Ripple officially introduced its stablecoin in December last year. The product, dubbed RLUSD, is pegged 1:1 to the US dollar and aims to facilitate the instant settlement of cross-border payments, thereby strengthening the entire ecosystem.

Over the last several months, the stablecoin received backing from renowned financial giants like the oldest bank in the United States, BNY Mellon.

Earlier this week, the DeFi protocol Aave launched Horizon – a platform “allowing tokenized products to be used as collateral and flow more efficiently across markets.” Among the assets supported by the newly introduced entity is RLUSD. 

XRP Price Outlook

Last week, the asset underwent a significant correction, with its price tumbling below $2.80. In the following days, the bulls managed to reclaim some lost ground, and XRP currently trades at around $3 (per CoinGecko’s data).

Numerous analysts believe the token has the potential to chart much more impressive gains during this cycle. X user Mags argued that the price has recently consolidated the same way it did in 2017. Back then, this was followed by a massive resurgence, with the analyst setting $5.20 and $7.30 as the next targets. 

STEPH IS CRYPTO, on the other hand, recently warned investors to stay cautious since the peak of the bull run may arrive in the next one or two months. 

The post Ripple (XRP) News Today August 28th appeared first on CryptoPotato.