Sep 23, 2024
6thTrade
The crypto world, particularly XRP enthusiasts, is buzzing with excitement as the launch of Ripple's stablecoin, RLUSD, inches closer. Ripple’s CEO, Brad Garlinghouse, has hinted that the digital dollar counterpart could debut within a few weeks, although it’s currently still in beta testing. $XRP
One of the most notable moments from this testing phase was the recent burning of 24 RLUSD on the XRP Ledger and 64 RLUSD on an Ethereum-based blockchain. This confirmed that Ripple’s stablecoin will function across both networks, a significant move that may broaden its appeal.
Meanwhile, Ripple’s native cryptocurrency, XRP, has been gaining momentum. In the past two weeks, XRP saw a 10% price increase, briefly crossing the $0.60 mark before stabilizing around $0.58, according to CoinGecko. Some analysts believe XRP is poised for a significant rally. For example, popular X user Bitlord predicts a “parabolic explosion” in the near future, recalling their earlier calls when XRP saw massive moves in the market. Another commentator, The Great Mattsby, compared XRP’s recent performance to Tesla’s meteoric rise in the 2010s, despite the obvious differences between the two assets.
Other analysts, such as Dark Defender, suggest that XRP could soon hit $0.66 and may even break through the $1.03 resistance level. They argue that XRP’s price could see increased volatility in the coming weeks, particularly due to lingering developments from the Ripple vs. SEC lawsuit.
In August, Judge Torres ruled that Ripple’s XRP sales on secondary markets to retail investors did not qualify as securities transactions. Ripple was ordered to pay a $125 million fine, a fraction of what the SEC initially demanded. While Ripple has accepted the court’s decision, there’s still a possibility that the SEC might appeal, though the agency has until October 7 to make its move.
Ripple isn’t just focused on XRP, though. The company has its eyes set on the broader stablecoin market, projected to hit $2.8 trillion by 2028. Despite the current crypto market cap hovering just above $2 trillion, Ripple is positioning itself for a significant slice of that growing pie. The success of RLUSD will likely hinge on the stability and trustworthiness of the platform, as trust is a critical currency in the stablecoin space.
For now, Ripple seems committed to perfecting its token-minting and burning processes during beta testing, ensuring that it can confidently launch RLUSD into the competitive stablecoin market. Whether it will also deploy RLUSD on additional networks remains to be seen, but Ripple's ambition is clear.
With the stablecoin sector being a high-stakes arena—where trust is hard to win back once lost—Ripple is playing it smart by taking its time to ensure everything is in place for a successful launch.
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