Ripple’s stablecoin “RLUSD” was officially launched in December after being approved by the New York Department of Financial Services (NYDFS).
The stablecoin is pegged 1:1 to the dollar and aims to support cross-border payment solutions.
Many trading platforms have adopted the new stablecoin upon launch, such as:
Uphold, Bitstamp, Bitso and more
Bullish trading platform recently added the coin to its roster, offering a variety of trading pairs including RLUSD with major cryptocurrencies and fiat currencies.
RLUSD saw slight fluctuations in its price between $0.96 and $1.06 upon its launch, and the price has currently stabilized at $0.99.
“Ripple’s CTO David Schwartz noted,
To the possibility of initial price fluctuations, while stressing that stablecoins do not carry an opportunity to get rich and there is no need to speculate on them.
On the other hand, the launch of “RLUSD” seems to have contributed to the rise in the price of XRP, as it rose to $2.70 before falling back to less than $2 due to the market correction.
Currently, the price of XRP is around $2.29.
Many analysts are expecting a new bullish wave, supported by the activity of market whales who have recently bought millions of coins.
This activity reduces the supply available in the market, which may push prices higher if demand continues or increases.
