Ripple RLUSD Live Updates: How Will XRP Price React?

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless announcements and launches that have promised to revolutionize the industry. However, few have truly delivered on their promises like Ripple‘s upcoming stablecoin, RLUSD.

On Tuesday, December 17, 2024, one of the top three crypto payment facilitators, Ripple, is launching its stablecoin, RLUSD. This announcement follows approval from the New York Department of Financial Services (NYDFS). RLUSD will join established players like Tether’s USDT and Circle’s USDC in the market. Some analysts predict that this could boost the price of XRP, potentially reaching $3.

RLUSD To Go Live Today: Here’s Everything You Need to Know

Following NYDFS’s approval, Ripple declared on December 16 that their stablecoin, RLUSD, would become operational on December 17, 2024. This token will be issued by The New York Trust Company. RLUSD is a stablecoin with a value directly tied to the U.S. dollar, cash equivalents, and government bonds. As per the announcement, there will be regular third-party audits conducted monthly for maintaining the peg and ensuring transparency.

Today, Ripple’s announcement reveals its debut on various prominent cryptocurrency platforms such as Uphold, MoonPay, CoinMENA, and more. Nevertheless, trading activities are expected to commence tomorrow. In due course, Bitstamp, Bitso, Zero Hash, and other platforms will also introduce the stablecoin.

The wait is over: RLUSD launches globally tomorrow!

— Ripple (@Ripple) December 16, 2024

The Ripple company is introducing a stablecoin on the blockchain network, designed for instant global transactions and offering liquidity while smoothly integrating with Decentralized Finance (DeFi) protocols. This stablecoin will be available on two major networks, Ethereum blockchain and XRP Ledger, except in the EU due to the recent MiCAR regulations. Notably, this stablecoin is intended to boost the value of XRP and will work alongside it in financial markets and cross-border payments.

Additionally, noteworthy figures, Raghuram Rajan, a past governor of the Reserve Bank of India, and Kenneth Montgomery, the current chief operating officer of the Federal Reserve Bank of Boston, have become part of this project as well.

How Will Ripple Stablecoin Launch Impact XRP Price?

Over the past few weeks, the price of Ripple has consistently shown a bullish trend. Earlier in the month, it reached a peak of $2.8. Currently, the XRP price stands at $2.51, boasting a market capitalization of $143.85 billion. This positions it as the third largest cryptocurrency, following Bitcoin and Ethereum. Furthermore, the surge in trading volume to $12.49 billion, an 87% increase, underscores the growing excitement among investors regarding the upcoming launch of Ripple’s stablecoin, RLUSD.

As a researcher delving into the world of cryptocurrencies, I find myself intrigued by the recent developments surrounding Ripple. This latest news seems poised to propel the token even further, with some optimistic voices predicting prices as high as $5, $10, or perhaps even beyond. Notably, CrediBULL Crypto, a seasoned crypto analyst, finds the XRP chart remarkably clean and bullish. According to his analysis, it’s quite plausible that we could see XRP trading above $5 by 2025.

Analyst DonAlt has disclosed that the Ripple price is fluctuating between approximately $2.20 and $2.60, with these levels acting as support and resistance. If it surpasses the resistance at $2.60, it may spark a bullish trend, potentially propelling the token to $3 or even beyond. Nevertheless, this isn’t the only factor influencing the XRP price surge. Factors like Bitcoin hitting an all-time high, the introduction of XRP ETFs, the resignation of Gensler in January, and other factors will also play a role in driving the token’s future growth.

XRP Whales Accumulate $830M in 24 Hours

Looking forward to a potential increase in Ripple’s price, large investors (whales) are now amassing the token. Over just the past day, these investors have acquired a staggering 830 million XRP tokens, which could potentially trigger an upward trend in the token’s value.

On the other hand, the Ripple RLUSD launch has faced volatility concerns due to relentless demand. In fact, its price was speculated to reach as high as $1,200 on DEX platforms even before the listing, largely because of the scarcity in supply. As a result, investors have raised doubts about whether the Ripple stablecoin would maintain its value at $1 post-launch, which could, in turn, influence the price of XRP.

Is RLUSD Going To Change Crypto Transactions?

The vision of RLUSD (Ripple’s cross-border transaction solution using cryptocurrency) aims to revolutionize international transactions, with Stabelcoins currently leading the way, and USDC and USDT being top choices. However, experts predict that Ripple’s stablecoin could potentially compete with them. Today, Tuesday, December 17, the token is set to go live, appearing on numerous cryptocurrency exchanges. This news has sparked excitement among whales and investors in the network, as trading volume surges. Notably, whales have bought approximately 830 million XRP within the past 24 hours. As a result, there’s speculation that the Ripple stablecoin might boost the price of XRP to $3 or even higher.

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2024-12-17 12:38