Whales Buy 30 Million XRP As Ripple Launches RLUSD Stablecoin

As Ripple released its dollar-backed stablecoin, RLUSD, on various worldwide crypto exchanges on Tuesday, XRP whales went on a purchasing binge. The stablecoin is traded on Bitso, Uphold, CoinMENA, MoonPay, and Archax, with more listings planned.

The Ripple RLUSD stablecoin, launched amid price volatility, aligns with the US dollar and works with both the Ethereum (ETH) blockchain and the XRP Ledger (XRPL), created by Ripple Labs alongside XRP.

Fortune Magazine reported that RLUSD traded at $1.50 on MoonPay early Tuesday, a surprise premium over its debut price.

Ripple CTO David Schwartz predicted pricing disparities in a previous X post. He warned that early supply shortages might push RLUSD higher until the market stabilizes.

Schwartz promised investors, “But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. Unless it does, something is badly wrong.”

RLUSD's $1.50 price is a fraction of what it was advertised at on Xaman, an XRP ledger crypto wallet. Some Ripple enthusiasts offered 511 XRP—$1,300 per token—for the inaugural RLUSD tokens before the introduction.

XRP Drops to $2.52 From High

Interest in XRP has grown as RLUSD increases XRP Ledger activity. The cryptocurrency, which settles blockchain transaction fees, rose 6% to $2.71 on Monday. It has subsequently retraced to $2.52.

RLUSD's debut follows New York Department of Financial Services clearance, allowing Ripple to expand its cross-border payment network reach.

Ripple Senior Vice President of Stablecoins Jack McDonald said, “The stablecoin market is going through this next growth spurt where there’s going to be more institutional adoption that is premised upon institutional use cases.” He called stablecoins a worldwide payments “killer app”.

Retail investors drove early interest in RLUSD, but Ripple plans to incorporate the stablecoin into its payments operation next year to simplify international transactions for global banks and institutional partners.

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