Whales Snap Up 30 Million XRP As Ripple Launches Its RLUSD Stablecoin
XRP whales start buying like crazy as blockchain payment company Ripple officially launches roll out Its USD-backed stablecoin RLUSD was listed on multiple global cryptocurrency exchanges on Tuesday. The stablecoin is now tradable on the Bitso, Uphold, CoinMENA, MoonPay and Archax platforms, with more platforms expected to be available soon.
Ripple RLUSD stablecoin launches amid price volatility
RLUSD is designed to maintain a stable value consistent with the U.S. dollar and is compatible with both the Ethereum (ETH) blockchain and the Ethereum (ETH) blockchain. Ripple Ledger (XRPL), the latter developed by Ripple Labs in conjunction with XRP.
However, shortly after launch, RLUSD experienced some volatility, and was trading at $1.50 on MoonPay early Tuesday — exceeding its expected value, Fortune Confirmed.
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Ripple Chief Technology Officer (CTO) David Schwartz predicted the potential price difference in a previous article by X. He explained that an early supply shortage could cause RLUSD to trade at a premium until the market stabilizes.
Schwartz assured investors, “But don’t worry, once supply stabilizes, the price will get back very close to $1. If not, something has gone terribly wrong.”
Interestingly, RLUSD’s inflated price of $1.50 is a fraction of its previous price listed on Xaman. crypto wallet For the XRP ledger. Ahead of the launch, Ripple backers placed bids on the initial RLUSD token, with some investors willing to pay up to 511 XRP, or about $1,300 per token.
XRP falls back to $2.52 after initial surge
As the launch of RLUSD drives increased activity on the XRP ledger, interest in XRP itself has also surged. Token, used for settlement Transaction fees On the blockchain, the value rose 6% on Monday, reaching a high of $2.71. However, it has since fallen back to the $2.52 mark.
Cryptocurrency Analyst Ali Martinez report Large investors, or “whales,” purchased an additional 30 million XRP ahead of the release, further pushing its price higher. In comparison, Bitcoin (BTC) and Ethereum are down 2.6% and 4.6% respectively during the same time frame.
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The launch of RLUSD follows the recent regulatory approval The New York Department of Financial Services positioned Ripple to increase its presence in the field of payment networks for cross-border transactions.
Jack McDonald, senior vice president of stablecoins at Ripple, emphasized the potential for institutional adoption, saying: “The stablecoin market is experiencing the next growth spurt, and there will be more institutional adoption premised on institutional use cases.” He emphasized that stablecoins are a global The “killer app” for payments.
While initial interest in RLUSD was primarily driven by retail investors, Ripple aims to integrate the stablecoin into its Payment service Facilitating international transactions for global banking and institutional partners starting next year.
Featured images from DALL-E, charts from TradingView.com
