Ripple CEO Denies Circle Acquisition
Ripple CEO Denies Circle Acquisition Rumors
Ripple CEO Brad Garlinghouse has publicly refuted rumors of a potential acquisition of Circle, the issuer of the USDC stablecoin. These rumors, which circulated widely, suggested acquisition bids ranging from $4 billion to as high as $20 billion. Garlinghouse categorically denied these claims during a session at the Ripple Conference in Las Vegas.
The false news initially caused a 10% surge in XRP price, reaching $2.3 before correcting to $2.23 as of June 4th. At that time, XRP's market cap stood at $131.34 billion, and 24-hour volume was $2.15 billion.
Focus Shifts to RLUSD and Regulatory Approvals
Garlinghouse emphasized Ripple's commitment to its own projects, particularly the RLUSD stablecoin. RLUSD has secured crucial regulatory approvals from both the New York Department of Financial Services (NYDFS) and the Dubai Financial Services Authority (DFSA), solidifying its position as a key asset on the XRP Ledger.
- Key Developments:
- Ripple CEO denies all acquisition rumors.
- XRP price experienced a temporary spike following the false news.
- RLUSD receives NYDFS and DFSA approval.
- XRP currently trading at $2.23.
This clarification aims to alleviate investor concerns and redirect focus to Ripple's strategic initiatives. The incident highlights the market's sensitivity to unsubstantiated acquisition rumors and the importance of verifying information from credible sources.
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