Ripple is set to release a new stablecoin, known as Ripple USD (RLUSD), on the XRP Ledger and Ethereum platforms in 2024. This development comes despite ongoing criticism from the United States Securities and Exchange Commission (SEC). The RLUSD stablecoin is designed to connect traditional finance with the cryptocurrency industry, with its value pegged to the US dollar.

The SEC has already expressed disapproval of the upcoming stablecoin, categorizing it as an unregistered crypto asset. This criticism is part of an ongoing legal dispute between Ripple and the SEC, which has been ongoing for several years. The case centers on allegations that Ripple engaged in an unregistered securities offering by selling its XRP token. The trial is currently underway, with the SEC seeking a $2 billion penalty from Ripple. However, Ripple argues that the penalty should be limited to $10 million, as there are no direct allegations of fraud in the case.

Despite the current legal challenges, some analysts believe that the present price of XRP, Ripple's native token, presents a buying opportunity. The Relative Strength Index (RSI) for XRP, which measures price movement speed and change, is currently at 42. This indicates that the token is not overbought, and a correction is not imminent.

The launch of the RLUSD stablecoin is part of Ripple's efforts to expand its offerings and improve its services. The company aims to provide a reliable asset solution for institutional and DeFi use cases across multiple ecosystems. The stablecoin will be fully backed by a combination of USD, short-term US government bonds, and cash equivalent assets.

Ripple's decision to launch the RLUSD stablecoin demonstrates the company's commitment to innovation and growth. Despite the challenges posed by the SEC, Ripple is pushing forward with its plans, aiming to bridge the gap between traditional finance and the crypto industry. The success of this venture could have significant implications for the future of cryptocurrency and its integration into mainstream finance.