Recently, Ripple CTO David Schwartz announced the launch of a new stablecoin, RLUSD, on both the XRP ledger and the Ethereum mainnet. The move aims to meet the growing demand for stablecoins and leverage Ripple's expertise in cross-border payments.
Ripple's Managing Director for the Middle East and Africa, Reece Merrick, emphasized the importance of RLUSD in the stablecoin market. He projects significant growth for the industry from its current valuation of $150 billion to a staggering $2.8-3 trillion by 2028. This launch allows Ripple to benefit from the expected market expansion.
XRP is currently valued at $0.4931 with 24-hour trading volume of 5.052 million. Over the past 30 days the price has changed by -3.0%, in 7 days by +2.4%, and in 24 hours by -1.8%.
At the beginning of 2024, the price of XRP was around $0.6295. It hit a low of $0.50233 in February and a high of $0.72301 in March. After the peak, the price fell and moved sideways for several weeks. Then, on April 12 and 13, the price fell sharply to $0.47939. However, it rose to over $0.5566 on April 22 but has since weakened, hitting a low of $0.4743 on June 14.
Today's price of $0.49139 is slightly higher than this recent low, but still below its previous highs.
The introduction of RLUSD is a strategic move by Ripple to strengthen its position in the growing stablecoin market. Ripple's dual-platform approach is expected to offer significant benefits to both users and investors as the industry matures.
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