Ripple has just launched their new stablecoin, RLUSD, which is backed by US government bonds! ๐ต The stablecoin was launched on December 17th and is directly linked to the US dollar. With this launch, the price of XRP has also surged 122% in the past 30 days, reaching a 7-year high! ๐
RLUSD will be available on platforms such as MoonPay, Uphold, Bitso, Archax, and CoinMENA. The stablecoin is backed by cash reserves and cash equivalents, providing the stability of value that users expect. ๐ With the support of the New York Department of Financial Services, RLUSD meets various banking regulations, which increases user confidence in this digital currency. ๐
Analysis shows that XRP is showing a bullish trend, with the potential to break through previous price levels and possibly reach above $11. ๐ However, there is a risk that the "sell the news" sentiment could affect the price of XRP after the launch of RLUSD, especially if the price reaches the $2.90 level. โ ๏ธ
With the launch of RLUSD, Ripple hopes to increase the value of XRP, especially in cross-border transactions. While there are challenges in gaining user adoption for a new stablecoin, Rippleโs regulatory support and reputation could give it a competitive edge. So, letโs see how this development will affect the market! ๐
