Ripple recently received approval from the New York Department of Financial Services to launch its stablecoin, RLUSD. This development has generated significant excitement among XRP supporters.

In just 24 hours, XRP's price has increased by more than 5.4%. However, Vincent Van Code, in a recent post on X, points out that there might be challenges ahead for the cryptocurrency, despite the current optimism.

Overall, the launch of RLUSD could potentially influence XRP's market dynamics and help it move closer to reaching its all-time high.