Blockchain payment giant Ripple has once again stirred the market! On December 17, Ripple USD (RLUSD) stablecoin officially went live. This highly anticipated stablecoin has not only received approval from the New York Department of Financial Services (NYDFS) but is also seen as a direct challenge to USDC and USDT. As Ripple makes a strong entry into the stablecoin race, the price trend of XRP has ignited a fierce fire among investors: will it soar even higher?
RLUSD Stablecoin: Ripple's 'new trump card'
RLUSD is a fully USD-backed 1:1 pegged stablecoin, also supported by short-term US Treasury securities and cash equivalents. Initially, this stablecoin will be deployed on the XRP Ledger and Ethereum mainnet, with plans to gradually expand to more blockchain networks and DeFi protocols.
Ripple states that the core design of RLUSD is to promote real-time cross-border payments to address the issue of exchange rate volatility in fiat currency transactions. At the same time, Ripple has pledged to publicly disclose reserve proofs audited by third parties every month to ensure liquidity transparency and user confidence.
Additionally, Ripple has invited a heavyweight advisory committee, including former FDIC Chair Sheila Bair and Ripple co-founder Chris Larsen, vowing to implement regulatory compliance and responsible innovation thoroughly.
XRP is on fire: from the release of RLUSD to challenging historical highs
With the launch of the RLUSD stablecoin, XRP is truly on a roll! Since November, XRP's market capitalization has surged, now surpassing USDT to become the third-largest cryptocurrency by market cap. In the past 30 days, XRP's price has skyrocketed by over 121%, reaching a seven-year high of $2.89 on December 12.
Moreover, the number of active accounts on the XRP Ledger is also rapidly increasing, surging 278% from November to December, reflecting an explosive increase in network participation and ecological vitality.
Market rumors suggest that Ripple may support the liquidity of RLUSD with its custody of XRP reserves. This move could not only reduce the market circulation of XRP but also further solidify the ecological foundation of the XRP Ledger.
Can XRP's future break through historical highs?
Regarding XRP's next price movement, market opinions are divided. Some analysts believe that Ripple is brewing a big move: the US spot XRP ETF may become a new engine for price! Several asset management companies, including WisdomTree and 21Shares, have submitted applications to the US SEC. If this comes to fruition, it would significantly enhance XRP's market liquidity and price elasticity.
Crypto analyst Jacob Canfield is even more optimistic, stating that according to Fibonacci extension theory, XRP's price could reach $6.60 during the FOMO phase of a bull market, which is nearly double the historical high! However, before hitting new highs, XRP might experience a brief consolidation within the resistance range of $2.75-$3.00.
Summary: Ripple sets the pace, and XRP charges into battle!
The launch of RLUSD marks an important step for Ripple in the stablecoin sector and may become a 'game-changer' in the next phase of the global payment landscape. With the help of the stablecoin ecosystem and ETF prospects, can XPR continue to write the 'myth of explosive growth'? Let's wait and see!
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