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XRP News: Ripple CTO Warns of Early RLUSD Supply Shortages and Price Volatility
The post XRP News: Ripple CTO Warns of Early RLUSD Supply Shortages and Price Volatility appeared first on Coinpedia Fintech News
Ripple’s Chief Technology Officer, David Schwartz, has warned that while there may be temporary supply shortages when RLUSD launches, causing prices to briefly rise above $1, the price will soon stabilize as the market adjusts. He urged investors not to fall for “FOMO” (Fear of Missing Out) over possible early price fluctuations of the stablecoin. For the unversed, Ripple’s CEO, Brad Garlinghouse recently announced that RLUSD has received final approval from the New York Department of Financial Services.
Responding to concerns raised on X, Schwartz explained that during RLUSD’s early days, some individuals may be willing to pay unusually high prices, like $1,200 per fraction of an RLUSD, simply to be the first to purchase it.
He wrote, “If you want to spend a lot of money to get a tiny bit of RLUSD before anyone else does, you can. But please don’t expect the price to stay over $1 once things stabilize, which I expect they will do very quickly. Please don’t FOMO into a stablecoin! This is not an opportunity to get rich.”
As RLUSD goes live, there may be supply shortages in the very early days before the market stabilizes. There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD. Tools will show you the highest price anyone is willing to pay, even if it's just for a… https://t.co/LOx4rGiiiJ
— David "JoelKatz" Schwartz (@JoelKatz) December 15, 2024
However, he assured that this price spike is temporary, and once supply stabilizes, the price will return to around $1. He said that the core purpose of a stablecoin is to maintain a stable price, and any short-term fluctuations will be corrected by arbitrage traders.
Community Awaits the Launch:
The XRP community is excited for the launch of the RLUSD stablecoin. RLUSD is a stablecoin tied to the US dollar, meaning its value will stay at one US dollar. It will be issued on both the XRP Ledger and Ethereum blockchains. Ripple says it will be fully backed by cash and equivalent reserves, and can be redeemed 1:1 for US dollars.
Ripple’s Chief Technology Officer, David Schwartz, has warned that while there may be temporary supply shortages when RLUSD launches, causing prices to briefly rise above $1, the price will soon stabilize as the market adjusts. He urged investors not to fall for “FOMO” (Fear of Missing Out) over possible early price fluctuations of the stablecoin. For the unversed, Ripple’s CEO, Brad Garlinghouse recently announced that RLUSD has received final approval from the New York Department of Financial Services.
Responding to concerns raised on X, Schwartz explained that during RLUSD’s early days, some individuals may be willing to pay unusually high prices, like $1,200 per fraction of an RLUSD, simply to be the first to purchase it.
He wrote, “If you want to spend a lot of money to get a tiny bit of RLUSD before anyone else does, you can. But please don’t expect the price to stay over $1 once things stabilize, which I expect they will do very quickly. Please don’t FOMO into a stablecoin! This is not an opportunity to get rich.”
As RLUSD goes live, there may be supply shortages in the very early days before the market stabilizes. There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD. Tools will show you the highest price anyone is willing to pay, even if it's just for a… https://t.co/LOx4rGiiiJ
— David "JoelKatz" Schwartz (@JoelKatz) December 15, 2024
However, he assured that this price spike is temporary, and once supply stabilizes, the price will return to around $1. He said that the core purpose of a stablecoin is to maintain a stable price, and any short-term fluctuations will be corrected by arbitrage traders.
Community Awaits the Launch:
The XRP community is excited for the launch of the RLUSD stablecoin. RLUSD is a stablecoin tied to the US dollar, meaning its value will stay at one US dollar. It will be issued on both the XRP Ledger and Ethereum blockchains. Ripple says it will be fully backed by cash and equivalent reserves, and can be redeemed 1:1 for US dollars.
I rather lose 1000$ than my entire portfolio and wait for a build up
𝐖𝐡𝐲 𝐈𝐬 𝐗𝐑𝐏 𝐏𝐫𝐢𝐜𝐞 𝐃𝐞𝐜𝐥𝐢𝐧𝐢𝐧𝐠 𝐓𝐨𝐝𝐚𝐲?
XRP, the cryptocurrency linked to Ripple, has dropped nearly 8% today, bringing its price down to $2.36—the largest decline in over two months. This sudden downturn has raised questions among investors despite XRP's proximity to all-time highs.
A significant factor in this decline is Ripple CEO Brad Garlinghouse’s recent CBS interview, which highlighted Ripple’s challenges but omitted key information, such as a Federal Judge’s ruling that XRP is not a security. This omission disappointed many in the crypto community and led to an 8% price drop.
The situation worsened with over $14.5 million in long positions liquidated in the past 24 hours, contributing to a broader $358 million sell-off in the crypto market. XRP’s trading volume surged to $12 billion, but this selling pressure caused its market cap to fall below $136 billion, pushing it behind Tether (USDT) in rankings. Additionally, profit-taking after XRP's November rally and shifting interest toward Bitcoin and Ethereum have reduced demand for XRP.
From a technical standpoint, XRP has broken below key support levels, suggesting further declines may be possible. However, it is currently near the 23.6% Fibonacci retracement level at $2.33, which could act as support. Analysts believe that if XRP can surpass $3, it may pave the way for a rally toward $5. For now, short-term sentiment remains bearish due to negative funding rates and declining trader confidence.$XRP
XRP, the cryptocurrency linked to Ripple, has dropped nearly 8% today, bringing its price down to $2.36—the largest decline in over two months. This sudden downturn has raised questions among investors despite XRP's proximity to all-time highs.
A significant factor in this decline is Ripple CEO Brad Garlinghouse’s recent CBS interview, which highlighted Ripple’s challenges but omitted key information, such as a Federal Judge’s ruling that XRP is not a security. This omission disappointed many in the crypto community and led to an 8% price drop.
The situation worsened with over $14.5 million in long positions liquidated in the past 24 hours, contributing to a broader $358 million sell-off in the crypto market. XRP’s trading volume surged to $12 billion, but this selling pressure caused its market cap to fall below $136 billion, pushing it behind Tether (USDT) in rankings. Additionally, profit-taking after XRP's November rally and shifting interest toward Bitcoin and Ethereum have reduced demand for XRP.
From a technical standpoint, XRP has broken below key support levels, suggesting further declines may be possible. However, it is currently near the 23.6% Fibonacci retracement level at $2.33, which could act as support. Analysts believe that if XRP can surpass $3, it may pave the way for a rally toward $5. For now, short-term sentiment remains bearish due to negative funding rates and declining trader confidence.$XRP
I just sold my bag as I’m down 1000$ will wait and see how long this sell off is for
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Ripple CTO Stuns XRP Community With Mysterious Message: 'Lock In'
Ripple chief technology officer (CTO) David Schwartz has published a post that triggered the XRP’s community’s excited feedback in the comments.
"Lock in," Ripple CTO says
Schwartz responded to a series of reposts, which all state one short phrase: “Lock in.” He also tweeted this short message, sparking interest within the crypto community.
The XRP army reacted with a wave of bullish posts, basically posting similar messages in response, taking the Ripple CTO’s encouragement to “lock in” XRP to mean to “hodl” it for a long period without selling or securing more XRP purchases.
Those comments were similar to this one published by the @XRPcryptowolf XRP enthusiast: “David just confirmed to lock in and not sell any XRP.”
Lock in https://t.co/Ysc9jpuTAd
— David "JoelKatz" Schwartz (@JoelKatz) December 9, 2024
On Sunday, Schwartz sent a message to the XRP army regarding typical cryptocurrency scams in which scammers, frequently impersonating prominent cryptocurrency figures using AI or deepfakes, or not impersonating anyone, suggest to users that they send them a small amount of BTC, ETH, XRP or other crypto in order to receive a double amount back afterward.
David Schwartz commented on that classic fraudulent scheme, saying: “If you send me just 10 XRP, then I will ...... have 10 more XRP.”
If you send me just 10 XRP, then I will ...... have 10 more XRP.
— David "JoelKatz" Schwartz (@JoelKatz) December 8, 2024
Ripple CEO Brad Garlinghouse is often impersonated by scammers both on the X social media network on fake accounts and on YouTube using the deepfake technology. Those impersonators often offer users to send them a double amount of XRP should they send to that fake Ripple boss any number of coins.
card
XRP shows bullish outlook
According to a tweet published by cryptocurrency analyst and trader Ali Martinez, the fourth largest crypto, XRP, has formed three consecutive bull pennant patterns on a chart. That is a pattern that signals a potential continuation of an upward trend for an asset.
Martinez believes that after testing $2.25, the XRP price may continue to increase toward the $4.40 level. Currently, XRP is changing hands at $2.39, according to the CoinMarketCap data.
"Lock in," Ripple CTO says
Schwartz responded to a series of reposts, which all state one short phrase: “Lock in.” He also tweeted this short message, sparking interest within the crypto community.
The XRP army reacted with a wave of bullish posts, basically posting similar messages in response, taking the Ripple CTO’s encouragement to “lock in” XRP to mean to “hodl” it for a long period without selling or securing more XRP purchases.
Those comments were similar to this one published by the @XRPcryptowolf XRP enthusiast: “David just confirmed to lock in and not sell any XRP.”
Lock in https://t.co/Ysc9jpuTAd
— David "JoelKatz" Schwartz (@JoelKatz) December 9, 2024
On Sunday, Schwartz sent a message to the XRP army regarding typical cryptocurrency scams in which scammers, frequently impersonating prominent cryptocurrency figures using AI or deepfakes, or not impersonating anyone, suggest to users that they send them a small amount of BTC, ETH, XRP or other crypto in order to receive a double amount back afterward.
David Schwartz commented on that classic fraudulent scheme, saying: “If you send me just 10 XRP, then I will ...... have 10 more XRP.”
If you send me just 10 XRP, then I will ...... have 10 more XRP.
— David "JoelKatz" Schwartz (@JoelKatz) December 8, 2024
Ripple CEO Brad Garlinghouse is often impersonated by scammers both on the X social media network on fake accounts and on YouTube using the deepfake technology. Those impersonators often offer users to send them a double amount of XRP should they send to that fake Ripple boss any number of coins.
card
XRP shows bullish outlook
According to a tweet published by cryptocurrency analyst and trader Ali Martinez, the fourth largest crypto, XRP, has formed three consecutive bull pennant patterns on a chart. That is a pattern that signals a potential continuation of an upward trend for an asset.
Martinez believes that after testing $2.25, the XRP price may continue to increase toward the $4.40 level. Currently, XRP is changing hands at $2.39, according to the CoinMarketCap data.
Telegram promotes scams it’s an unethical platform. He must sit and clean the slippery soap from the floor
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