Ripple recently launched the US dollar-pegged stablecoin RLUSD. Known for its innovation in the cryptocurrency space, the company has drawn attention to another of its proprietary products, XRP.
Since announcing the stablecoin on major global exchanges, whales have rushed to buy the XRP token. According to data released by analyst Ali Martinez, the volume reached 30 million XRP.
Stablecoin RLUSD now available on the market
Approved by the New York Department of Financial Services (NYDFS), the RLUSD stablecoin went live last Tuesday (17). The launch took place on two main networks: the Ethereum blockchain and the XRP Ledger.
Additionally, the token was made available for sale on several exchanges, including Uphold, MoonPay, and CoinMENA. Designed to be pegged 1:1 to the US dollar, the token has surpassed the value of the dollar itself.
Prior to its launch, RLUSD was priced at 511 XRP (roughly $1,300) on the Xaman cryptocurrency wallet. After its launch, some investors noticed that the token was priced at $1.50 on the MoonPay platform. One reason for this is the increased interest in XRP, the native token of the Ripple blockchain network.
Ali Martinez, a cryptocurrency analyst with over 100,000 followers on X, shared a chart on his social media showing that large investors bought 30 million XRP before the launch of RLUSD. The movement even caused the native token to jump from $2.35 to $2.71 during the launch of RLUSD.
The case moved social media so much last Tuesday afternoon that David Schwartz, CTO of Ripple, made a point of speaking out. He warned that the price discrepancy could result from a limited initial offering. In this way, he assured investors that, as soon as supply stabilized, the price would return close to US$1.
“As RLUSD goes live, there may be supply shortages in the first few days before the market stabilizes. In fact, there is someone willing to pay $1,200/RLUSD for a small fraction of a RLUSD. The tools showed the highest price someone is willing to pay, even if it's just a small amount,” stated the company's CTO on his X profile.
