As a seasoned analyst with years of experience in the cryptocurrency market, I have seen my fair share of price fluctuations and market hysteria. The recent incident involving the potential overpricing of XRP by popular wallet Xamax and the upcoming launch of Ripple‘s new stablecoin, RLUSD, has certainly piqued my interest.
As a member of the XRP community, I’ve been keeping a close eye on the recent development regarding the new RLUSD stablecoin. David Schwartz, the tech-savvy CTO at Ripple, has given us a heads up about potential supply shortages of this coin. It’s important for us to stay informed and prepared as these developments unfold.
Following the display on the widely-used Xamax XRP wallet, XRP’s value was indicated as an impressive $1,200.
Schwartz has confirmed that someone is indeed willing to shell out such an exorbitant amount of money for a tiny fraction of a single token. He has explained that somebody probably wants the honor of purchasing the first bit of RLUSD.
Schwartz has confidently told the public that the cost of the newly launched stablecoin will soon find equilibrium. “If this doesn’t happen promptly, there may be a significant issue at hand,” he stated.
The Ripple exec has also cautioned against FOMOing into the much-hyped stablecoin, warning that this is not an opportunity to get rich. According to Schwartz, the price of the stablecoin will stabilize very quickly following its launch. “Short-term changes in prices due to shortages of supply or demand are certainly possible, especially around launch, but they shouldn’t remain for very long as arbitragers rapidly fix the market,” he explained.
According to U.Today’s report, the stablecoin has received approval from the New York State Department of Financial Services (NYDFS). Interestingly, this approved stablecoin hasn’t been listed yet on the NYDFS’s official website among the greenlit cryptocurrencies.
It’s expected that the stablecoin will soon be officially introduced, following a substantial increase in regulatory support.
Ripple’s new stablecoin product was initially announced by the company back in April.
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2024-12-15 22:04