Ripple’s RLUSD stablecoin has gained support from another cryptocurrency exchange, Bullish, adding to the list of exchanges that have embraced the new product. RLUSD is pegged 1:1 to the American dollar and plays a crucial role in Ripple’s cross-border payment solutions. The stablecoin started trading at around $1 and has stabilized at approximately $0.99 since its launch.
Ripple’s CTO David Schwartz warned about potential volatility surrounding RLUSD, stating that while there may be initial fluctuations, the price should eventually settle around $1. He also cautioned against FOMO into a stablecoin, emphasizing that it is “not an opportunity to get rich.” Despite initial fluctuations, RLUSD has been steadily trading around $0.99, with support from various exchanges and platforms.
The introduction of RLUSD has been seen as a positive factor for Ripple’s native token, XRP. The token saw a substantial price increase in mid-December, climbing to $2.70 before a market correction brought it back down to under $2. However, in the last few days, XRP has rebounded to around $2.27, and industry analysts are predicting a potential rally in the short term. Whale activity in the XRP market has increased, with significant purchases of millions of tokens, potentially leading to a decrease in supply and a price increase if demand remains steady or grows.
Market analysts and influencers within the crypto community are optimistic about XRP’s future price movement. Crypto Bitlord, with almost 400,000 followers, has suggested that “the final pump for 2024 is loading,” while CrediBULL Crypto has stated that the XRP/BTC chart looks “absolutely fantastic” and is the most bullish-looking chart in the entire crypto space. These positive sentiments, along with increased whale activity, have contributed to a growing sense of excitement and anticipation for a potential price rally for XRP.
Overall, Ripple’s stablecoin RLUSD has gained support from various exchanges and platforms, contributing to stability in its price around $0.99. The introduction of RLUSD has also had a positive impact on Ripple’s native token XRP, which has rebounded to around $2.27 after a market correction brought its price below $2. With increased whale activity and optimistic signals from market analysts and influencers, there is growing anticipation for a potential rally in XRP’s price in the near future.
