XRP whales are officially shopping as blockchain payment company Ripple launched Its dollar-backed stablecoin, RLUSD, will be listed on several global crypto exchanges this Tuesday. Stablecoin is now available for trading on the platforms Bitso, Uphold, Coinmena, Moonpay, and Arcex, with additional listings expected soon.
Ripple RLUSD Stablecoin launched amid price volatility
RLUSD is designed to maintain a constant value relative to the US dollar and the Ethereum (ETH) blockchain and XRP ledger (XRPL), the latter being developed by Ripple Labs alongside XRP.
However, shortly after its launch, RLUSD experienced some volatility, trading at $1.50 on MoonPay early Tuesday — an unexpected premium over its target value, Fortune Magazine Confirmed.
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David Schwartz, Ripple’s Chief Technology Officer (CTO), anticipated the potential price difference in an earlier post on X. He explained that an early supply shortage could lead to RLUSD trading at a premium until the market stabilizes.
Schwartz reassured investors, “But rest assured, the price will get very close to $1 as soon as supply stabilizes. If it doesn’t, something is seriously wrong.”
Interestingly, RLUSD’s increased price of $1.50 is a fraction of what was previously listed on Xaman, a Crypto wallet For the XRP ledger. In the lead-up to the launch, Ripple backers bid for the initial RLUSD tokens, with some investors willing to pay 511 XRP – around $1,300 per token.
XRP rebounds to $2.52 after initial spike
As the launch of the RLUSD drive increased activity on the XRP ledger, interest in XRP increased. Token, used to settle Transaction fees On the blockchain, Monday saw a 6% rise in value, peaking at $2.71. However, it has since returned to the $2.52 mark.
Crypto analyst Ali Martinez Reported That large investors, or “whales,” bought an additional 30 million XRP before the launch further boosted its value. In contrast, Bitcoin (BTC) and Ethereum experienced declines of 2.6% and 4.6%, respectively, over the same time frame.
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RLUSD has recently started Regulatory approval From the New York Department of Financial Services, the payment network for cross-border transactions positions Ripple to expand its presence in the sector.
Jack MacDonald, Senior Vice President of Stablecoins at Ripple emphasized the potential for institutional adoption, stating, “The stablecoin market is going through this next growth spurt where there will be more institutional adoption based on institutional use cases. has been.” He highlighted stablecoins as a “killer app” for global payments.
While initial interest in RLUSD is largely driven by retail investors, Ripple aims to integrate stablecoins into its Payment business to facilitate international transactions for global banks and institutional partners starting next year.
Featured image from DALL-E, chart from TradingView.com
