Ripple has revealed that its soon-to-be-launched RLUSD stablecoin is set to have a positive influence on XRP‘s market price. In a statement made during the 2024 Korea Blockchain Week, CEO Brad Garlinghouse confirmed that RLUSD will be introduced “within weeks, not months.” This announcement has stirred considerable excitement within the cryptocurrency community regarding the impending release and its implications for Ripple’s financial ecosystem.
How Will RLUSD Influence XRP’s Price?
According to sources within Ripple, the RLUSD stablecoin is expected to bolster XRP’s price. A former employee associated with Ripple’s On-Demand Liquidity (ODL) project disclosed that RLUSD will be integrated with XRP and is likely to draw increased liquidity to other altcoins through its availability on major cryptocurrency exchanges.
What Criticisms Are Surrounding RLUSD?
However, not all feedback has been positive. Critics, such as a commentator named Jungle, have raised concerns about potential shortcomings of RLUSD on the XRP Ledger. Additionally, rumors suggest that the stablecoin might initially debut on the Ethereum network instead, leading to skepticism regarding Ripple’s current standing among leading blockchain platforms.
Market experts generally express optimism regarding RLUSD’s potential to elevate XRP’s value. Influencer 24hrsCrypto emphasized that RLUSD would provide a stable transactional value, improving XRP’s utility and thereby increasing its market capitalization. Ripple’s CTO, David Schwartz, also mentioned the possibility of retail investors acquiring RLUSD from various exchanges.
- RLUSD’s launch is seen as a crucial step for XRP’s market performance.
- Minting of the RLUSD coin began on both Ethereum and the XRP Ledger on September 28.
- Current trading indicators suggest XRP is hovering around $0.60, with predictions of potential gains to $1.32.
The introduction of RLUSD may mark a pivotal point in XRP’s trajectory, with the stablecoin’s success anticipated to reinforce Ripple’s strategy and enhance XRP’s competitive edge in the market.