As a seasoned crypto investor with a knack for spotting promising opportunities, I find myself intrigued by the upcoming Ripple RLUSD stablecoin. With my years of experience in this dynamic market, I’ve learned to read between the lines and decipher the signs that could indicate a potential game-changer.
An insider from Ripple has shared that the forthcoming Ripple-issued stablecoin, RLUSD, may potentially boost the value of XRP. During the Korea Blockchain Week 2024, Ripple CEO Brad Garlinghouse hinted at the imminent release of the RLUSD within weeks rather than months. Since this announcement in early September, the entire industry has been on tenterhooks, anxiously anticipating the debut of this potentially transformative product and assessing its potential effects on Ripple – whether it will elevate or diminish the company’s standing.
Ripple Insider Says RLUSD Will Benefit XRP
During an exclusive conversation on the Thinking Crypto Podcast, a previous employee of Ripple revealed that they had championed for a Ripple-backed stablecoin several years ago. Working with Ripple’s proprietary product called On-Demand Liquidity (ODL), this individual helped facilitate cross-border transfers using Ripple’s native token as the foundation.
As a researcher delving into the world of cryptocurrencies, I’ve observed an intriguing perspective from the host of the Thinking Crypto Podcast. He mentioned that an insider is confident that RLUSD will not only be advantageous for XRP but also beneficial to the broader crypto ecosystem. Furthermore, this token, once paired with the stablecoin, could potentially boost liquidity towards the stablecoin due to Ripple’s extensive global exchange listing.
Since September 28, Ripple has been creating RLUSD tokens on both the Ethereum and XRP Ledger platforms in anticipation of its upcoming release.
However, not everybody shares the same outlook on RLUSD’s impact on XRP. Jungle Inc., a Ripple critic, shared his analysis on Twitter, stating that the RLSUD “will lack key capabilities on the XRPL” as rumors suggest the stablecoin may launch on Ethereum first before XRPL. Jungle Inc. took a hard jab at the Ripple development team, blaming them for not preparing for the launch even though they had enough time to do it. Because of this, Jungle Inc. thinks that although XRP will perform well in this bull run, “it’s no longer a top 3 chain.”
Experts Clarify RLUSD Impact on XRP
Experts in the field of XRP generally believe that Ripple’s stablecoin, RLUSD, could significantly boost the value of XRP due to its potential benefits. As a stablecoin, RLUSD is anticipated to maintain a consistent value, reducing volatility, which makes it ideal for transactions related to remittances, payments, and settlements where parties desire stability, as pointed out by 24hrsCrypto, a well-known Youtuber who specializes in XRP and Ripple.
24hrsCrypto’s study predicts that by 2028, the total worth of stablecoins could exceed three trillion dollars, with RLUSD contributing significantly to this expansion. The desire for XRP is likely to rise because of its ability to link different platforms, thereby boosting its usefulness and monetary worth. In the same analysis, he also explored the possibility of XRP’s price spiking up to $14.
As a crypto enthusiast, I’m excited to learn that Ripple’s stablecoin, RLUSD, will soon be accessible to ordinary investors like me through various exchanges, much like how we acquire popular stablecoins such as USDT and USDC today.
How High can XRP Go in 2024? Will XRP Hit $1?
Today, the value of XRP stands at approximately $0.650, surging following a breakout that marks the conclusion of a prolonged downward trend spanning multiple years. This significant shift positions Ripple favorably for a substantial upward surge in the near future.
Based on Sasuke Trading’s analysis, XRP‘s price pattern resembles a bullish bat – a harmonic figure that suggests an upcoming bullish reversal. This pattern usually indicates a rise in price to a higher value after the reversal has taken place. The projected target (TP2) suggested on the chart is approximately $1.32, calculated using the 0.618 Fibonacci retracement level.
According to Sasuke Trading’s chart analysis, the projected weekly price of XRP in the mid to long term is approximately $1.2. But if Ripple falls below its trendline, this could indicate market instability, potentially causing the XRP price to plummet further to around $0.2.
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2024-10-01 13:20