RLUSD Adoption Soars: Major Exchanges Embrace Ripple's Stablecoin
Ripple's RLUSD gains momentum as another leading cryptocurrency exchange integrates the stablecoin. Meanwhile, XRP is poised for a significant rally following a recent market correction, with experts forecasting a promising short-term surge.
Ripple's stablecoin, RLUSD, officially launched in mid-December after receiving approval from the New York Department of Financial Services (NYDFS).
Designed to enhance Ripple's cross-border payment solutions, RLUSD maintains a 1:1 peg to the US dollar. Multiple prominent exchanges, including Uphold, Bitstamp, Bitso, Moonpay, and CoinMENA, have swiftly integrated the stablecoin. Recently, Bullish, backed by Peter Thiel, joined this expanding list of supporters, offering trading pairs like RLUSD/USDC, BTC/RLUSD, XRP/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD, and SOL/RLUSD.
Earlier this month, Ripple CTO David Schwartz advised caution regarding potential volatility surrounding RLUSD. Initial fluctuations in price are expected. However, stability at around $1 is anticipated. Schwartz emphasized that investing in a stablecoin is not a quick-rich scheme. RLUSD launched at approximately $1, fluctuating between $0.96 and $1.06 shortly after. Recently, it has stabilized around $0.99 according to CoinGecko data.
Many industry experts suggest that RLUSD's launch may have contributed to Ripple's native token surge. In mid-December, as the stablecoin debuted, XRP's price climbed to $2.70.
Nevertheless, a market correction last week briefly suppressed XRP below $2. In recent days, the bulls have recouped some ground, bringing XRP back to $2.27. Analysts in the Crypto X community are optimistic about a forthcoming rally, with Crypto Bitlord hinting at a "final pump for 2024." CrediBULL Crypto also praised the "fantastic" XRP/BTC chart as the most optimistic in the market.
One factor suggesting a potential XRP price jump is whale activity. According to Ali Martinez, significant investors have purchased millions of tokens recently. Such acquisitions reduce XRP's available supply, potentially driving up prices if demand remains constant or increases. These significant purchases may also inspire smaller investors, boosting upward momentum.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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