Ripple Launches RLUSD Stablecoin, Whale Investors Flood into XRP Market
Tap the avatar to live stream and catch the bull market!
This Tuesday, blockchain payment company Ripple officially launched the USD-backed stablecoin RLUSD. The first trading platforms to go live include Bitso, Uphold, CoinMENA, MoonPay, and Archax, with more platforms expected to join in the future. Following the launch of RLUSD, XRP whale investors quickly increased their purchases, drawing market attention.
RLUSD: Ripple's New Attempt at a Stablecoin
RLUSD is a USD-backed stablecoin launched by Ripple, aimed at maintaining a stable value against the US dollar. The token is compatible with the Ethereum (ETH) blockchain and the XRP Ledger (XRPL), which is developed by Ripple Labs.
Price Volatility and Market Premium
Unexpected Premium
RLUSD experienced price volatility shortly after its launch. On the MoonPay platform, its trading price once reached $1.50, above the targeted stable value of $1. Ripple's Chief Technology Officer David Schwartz had predicted that RLUSD might trade at a premium due to early supply shortages, but as supply increases, the price would gradually return to the target value.
XRP Retreats After Surge Driven by RLUSD
The launch of RLUSD has spurred trading activity on the XRP Ledger, and the price of XRP itself has also risen.
Market Performance
Brief Surge
On Monday, the price of XRP rose 6% to a high of $2.71.
Price Stabilization
Subsequently, the price fell back to $2.52, maintaining a relatively stable trading range.
Whale Activity
Crypto analyst Ali Martinez pointed out that before the launch of RLUSD, large investors (whales) had added 30 million XRP, contributing to the price rise. In contrast, Bitcoin and Ethereum fell by 2.6% and 4.6%, respectively, during the same period.
Ripple's launch of the RLUSD stablecoin not only strengthens the ecosystem of the XRP Ledger but also attracts more investors' attention. However, the initial market volatility reflects the challenges of supply control and liquidity management. As the market gradually stabilizes, RLUSD and XRP may become significant driving forces in the cryptocurrency sector. For investors, this may be a key moment to observe Ripple's future potential.
Tap the avatar to live stream and catch the bull market!
