Ripple has recently made significant moves with its RLUSD tokens. These transfers between different wallets are likely part of the preparations for a smooth launch. Built on the XRP Ledger, RLUSD brings with it several advantages such as scalability, low transaction costs, and fast settlement times.

Ripple's RLUSD - A Game-Changer in the Financial Sector

RLUSD's Inclusion in Extended Global Forex Data

The XRP community, led by crypto analyst Mr. ManXRP, witnessed a major milestone for Ripple's stablecoin RLUSD. In a social media post, the analyst highlighted RLUSD's inclusion in the Extended Global Forex Data spreadsheet. This inclusion indicates the growing prominence of the stablecoin in the financial sector. Appearing in this spreadsheet adds RLUSD to the list of major fiat and digital currencies, enhancing its global financial importance. It opens the door for more end-users within trading circles, businesses, and institutions that require stable and effective methods for cross-border transactions. The fact that RLUSD has entered this dataset shows its adoption in traditional financial systems and acts as a bridge between blockchain tech and fiat currencies.

RLUSD's presence in this context allows it to benefit from a wider reach among global market participants. It gains more recognition and credibility, making it a preferred choice for various financial activities.

Also, Ripple recently initiated significant RLUSD movements to the RLUSD Treasury, likely to ensure a seamless launch. A day ago, it moved 35,000 RLUSD tokens through several transactions between different wallets.

XRP Ledger's Role in Enhancing RLUSD Utility

Ripple's RLUSD is a U.S. Dollar-backed stablecoin developed on the XRP Ledger. This blockchain network is known for its efficiency, scalability, and low transaction costs. As a stablecoin, it will maintain a fixed value backed by fiat currency after launch, making it an attractive option for digital trading, payments, and international money transfers.

The infrastructure of the XRP Ledger plays a crucial role in enabling RLUSD to function properly. Its distinct consensus algorithm settles transactions almost instantly at very low fees, providing an efficient medium for global financial interactions. This environment is ideal for a stablecoin like RLUSD, increasing its usability in payment systems, decentralized finance applications, and remittance services.

The latest recognition of RLUSD showcases the XRP Ledger's ability to integrate and support blockchain-based assets into traditional markets. Its design allows it to comply with existing financial networks while offering the benefits of distributed ledger technology.

XRP's Performance in the Current Bull Run

Amidst these positive developments, Ripple's XRP is performing exceptionally well in the current crypto market bull run. In just a single day, the XRP price has gained nearly 34%, inching closer to the $1.50 mark. At press time, on Friday, November 22, the XRP price climbed 33.78% to $1.49.

This strong performance further emphasizes the potential and value of Ripple's ecosystem, including RLUSD. It shows that the combined efforts of Ripple and its various assets are driving the market forward.

The success of XRP also provides a favorable backdrop for RLUSD, as it gains more attention and confidence from investors and market participants.

On Monday, the pound witnessed a significant strengthening against the dollar. It rebounded from the sharp sell-off that occurred last Friday. This upward movement was driven by investors adjusting their expectations regarding the Bank of England's (BoE) policy direction. As of the writing time, the sterling rose by 0.2% and was trading at $1.2558. The view that the BoE's cycle of policy easing would be gradual provided substantial support to the pound.

BoE's Policy Expectations and Market Reactions

According to Reuters, traders anticipate that the BoE will maintain interest rates at 4.75% during the December meeting. Additionally, they expect a reduction of 75 basis points (bps) in rates to 4% by 2025. Investors are closely observing speeches from BoE deputy governor Clare Lombardelli and external policy member Swati Dhingra, hoping to gain more clarity on the central bank's interest rate outlook. This attention indicates the significant influence that the BoE's policy decisions have on the currency markets.

Impact on Sterling Against the Euro

While the pound showed strength against the dollar, it was lower against the euro (GBPEUR=X). It slipped by 0.2% to €1.1996. This indicates that the currency dynamics are complex and influenced by various factors. The performance against different currencies reflects the different economic and geopolitical conditions in different regions.

Gold Prices and Market Sentiment

Gold prices experienced a notable decline on Monday. After a five-day rally, investors took profits, and the announcement of Scott Bessent as the Treasury secretary added additional pressure. Spot gold lost 1.7% to $2,670.70 per ounce, and US gold futures retreated 1.5% to $2,671.10 at the writing time. This sharp fall was from a three-week high. IG market strategist Yeap Jun Rong pointed out that the pause in gold's upward momentum was due to profit-taking and the expectation that the new administration could temper the use of tariffs, easing some trade uncertainty between the US and China. Trump had previously proposed a 60% tariff on Chinese goods and a 10% levy on other imports.

Geopolitical Risks and Gold Demand

Investor sentiment was boosted by reports suggesting that Israel was close to reaching a ceasefire with Lebanon. This reduced some geopolitical risks and further dampened the appeal of gold as a safe haven. Traditionally, gold is viewed as a hedge against uncertainty, but the easing of tensions in the Middle East led to a decrease in demand for the precious metal.

Key Economic Data and Market Expectations

Investors are eagerly awaiting key economic data this week, including the minutes of the Federal Reserve's November meeting, the first revision of GDP figures, and core personal consumption expenditures (PCE) data. According to the CME Fedwatch tool, market participants currently expect a 56% probability of the Fed implementing a 25-basis-point rate cut in December, which is down from 62% a week earlier. This indicates the uncertainty and volatility in the global financial markets.

Oil Prices and Geopolitical Tensions

Oil prices dipped on Monday after a strong 6% rally last week. However, ongoing concerns over supply disruptions due to the escalating tensions between Western powers and major oil producers Russia and Iran helped limit the downside. Brent crude futures slipped 0.9% to $74.50 per barrel, and US West Texas Intermediate (WTI) (CL=F) retreated 1.2% to $70.43 per barrel. Despite the modest retreat, the oil market remains poised for potential rebounds as geopolitical risks and a revival in Chinese demand could support bullish trends into the year-end. Michael Brown, senior research strategist at Pepperstone London, cautioned that while oil prices may be volatile, it is advisable to be cautious about buying into the rally and instead seek to fade any geopolitical risk premium priced into crude. Goldman Sachs, on the other hand, remains relatively optimistic about oil prices in the medium term, forecasting that Brent crude will average between $70 and $85 per barrel next year. The investment bank attributed this outlook to high spare production capacity, which it believes will prevent a significant price spike despite the physical supply challenges in the market.In broader market movements, the FTSE 100 (^FTSE) opened higher, climbing 0.3% to 8,289.04 points. For more details, check our live coverage here. Download the Yahoo Finance app available for Apple and Android.