Last Tuesday, Ripple launched its new stablecoin, RLUSD. The coin managed to reach a market capitalization of approximately $53.1 million in a short time. Despite this success, the XRP price has suffered a sharp decline.
In the past 24 hours, the popular altcoin lost 6.6% and is currently trading around $2.35. The price drop is mainly the result of general concerns in the market about the interest rate policy of the Federal Reserve (Fed).
Forecasts around RLUSD and XRP
The XRP community had hoped that the launch of RLUSD would have a positive impact on the price. The stablecoin is expected to attract more users to the XRP Ledger (XRPL) ecosystem, which could ultimately have a bullish effect. While RLUSD is already raising millions of dollars in capital, markets are currently dominated by macroeconomic uncertainties. Not only XRP, but also other altcoins and Bitcoin (BTC) are firmly in the red.
RLUSD and the future impact on XRP
Despite the recent price drops, many crypto experts remain positive about the long-term impact of RLUSD. Institutional companies and banks in particular could use the stablecoin for cheap and fast payments without the risk of volatility. This could potentially lead to billions of dollars in capital flows into the XRPL ecosystem, which could strengthen the value of XRP over time.
Development of the XRP rate
In the short term, the XRP price still appears to be under pressure. The altcoin is currently around the $2.35 support zone. Holding this support is crucial for a possible new upward move. However, the recent decline is not unusual after the strong rally that XRP has experienced in the past 30 days.
If the price manages to maintain the support at $2.35, the market can prepare for a new rally. This could push the price to yearly highs of $2.80 and possibly as high as $3.
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Source: https://newsbit.nl/xrp-koers-daalt-ondanks-succesvolle-lancering-rlusd-stablecoin/
