Ripple officially launched its own stablecoin RLUSD today, which immediately shows its effect. The price of the digital currency rose by 12.1% in the past 24 hours and now stands at $2.64.
Launch of RLUSD stablecoin
Ripple announced today that RLUSD is officially live. Like other stablecoins, the token has a 1:1 peg to the US dollar and is available on both the XRP Ledger (XRPL) and Ethereum (ETH) blockchain. RLUSD’s reserves will be backed by cash and U.S. Treasury bonds.
Ripple’s CEO Brad Garlinghouse responded enthusiastically via a post on X. He emphasized the growing demand for stable and transparent stablecoins and sees RLUSD as an important link in global payments. Garlinghouse said that RLUSD is readily available on global exchanges such as Uphold, Bitso and MoonPay.
Ripple expects to make a huge impact with RLUSD, especially as the stablecoin market is expected to grow strongly. It is estimated that this market could reach a size of as much as $2 trillion by 2028.
‘Deranged Rise’ for XRP?
After years of disappointing performance, partly due to the lawsuit with the US Securities and Exchange Commission (SEC), tensions around XRP are rising again. Well-known analyst Credible Crypto even predicts a “disturbed rise” for the token.
The analyst relies on the Elliott Wave theory, which analyzes price movements based on market psychology. According to him, XRP’s current structure is “extremely bullish” and advises investors to focus on the bigger picture.
Credible Crypto predicts that XRP could rise to $20 before the waves of the Elliott Wave Theory reach their end. He warns investors not to be distracted by noise on shorter time frames and sees great opportunities for XRP in the longer term.
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Source: https://newsbit.nl/dit-is-waarom-de-xrp-koers-vandaag-is-gestegen/
