Ripple plans to launch its USD-backed stablecoin, RLUSD, on December 17, 2024. The stablecoin will initially be available on platforms such as Uphold, MoonPay, CoinMENA, Bitso, and Archax, with plans to expand to more exchanges in the future. RLUSD is backed by US dollar deposits, US government bonds, and cash equivalents, providing transparency through monthly third-party audits of its reserves.
While RLUSD is designed to always maintain a value of $1, some collectors have auctioned it on online markets, with bids reaching up to 836 XRP ($2,068) (According to Coindesk reports) before the release. This initial demand may lead to temporary price volatility, as RLUSD may not have sufficient liquidity to immediately maintain the $1 peg.
Himanshu Maradiya, President and Founder of CIFDAQ, told Coinpedia, “Ripple's RLUSD stablecoin, pegged at $1, has generated significant excitement ahead of its launch, with on-chain bids soaring to $2,000. This pre-launch frenzy reflects limited supply and high demand, as speculators rush to secure the first RLUSD tokens.”
He added, “Although such a high price may attract attention, the expected volatility will stabilize, bringing the price closer to $1 as liquidity normalizes post-launch. With RLUSD set to launch on the XRP Ledger, Ripple's entry into the stablecoin market marks a significant moment, enhancing utility, boosting liquidity, and solidifying the role of stablecoins in cross-border payment solutions.”
Expected XRP Price Will Reach New Highs
Since the news of RLUSD's launch was announced, XRP has risen and is currently trading near $2.60. Experts suggest that XRP buyers may break the previous ATH when RLUSD launches. However, XRP has faced significant resistance at the $3 level, and it remains to be seen whether this altcoin can surpass this critical threshold today.
DYOR! #Write2Win #Write&Earn $XRP