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

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.

Ripple's RLUSD stablecoin has been approved for listing by the NYDFS, nearly one week after rumors of an official launch, CEO Brad Garlinghouse announced in an X post on Tuesday. The approval confirms that RLUSD can now go live on major exchanges.

XRP rose 8% after New York's top crypto regulator granted Ripple final approval for its RLUSD stablecoin, with listings coming soon.

Ripple was at the center of a legal storm in the past four years as the SEC hounded the fintech company over alleged securities violations over its $XRP sales, but in the past month, the company bounced back in what could be the biggest recovery of the year.

The token has surged since the U.S. election, on the expectation that the Trump administration will ease regulatory pressure on Ripple Labs.