Ripple is gearing up to launch its highly anticipated USD-backed stablecoin, RLUSD, on December 17, 2024. This stablecoin, which will be available on platforms like Uphold, MoonPay, CoinMENA, Bitso, and Archax initially, is backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents. One of the key features of RLUSD is its commitment to transparency, with monthly third-party audits of its reserves to ensure its value remains pegged at $1.
Even before its official launch, RLUSD has already caught the attention of collectors and speculators. Bids for the stablecoin have been seen on on-chain marketplaces, with some bids reaching as high as 836 XRP ($2068). This early demand has created some price fluctuations, as the market may not have enough liquidity initially to maintain the $1 peg.
Himanshu Maradiya, Chairman and Founder of CIFDAQ, commented on the excitement surrounding RLUSD, stating that the pre-launch frenzy is a result of limited supply and heightened demand. He believes that while the initial inflated prices may draw attention, volatility is expected to settle down post-launch as liquidity normalizes. The entry of Ripple into the stablecoin market with RLUSD is seen as a significant moment, as it is expected to enhance utility, drive liquidity, and strengthen stablecoins’ role in cross-border payment solutions.
In the midst of all this excitement, XRP, the native cryptocurrency of the XRP Ledger, has been experiencing a surge in price. Currently trading close to $2.60, experts are predicting that XRP may reach new all-time highs once RLUSD is officially launched. However, XRP has been facing resistance at the $3 mark, and it remains to be seen if the cryptocurrency can break through this crucial level.
Overall, the launch of RLUSD is expected to bring significant changes to the cryptocurrency market, with Ripple leading the way in the stablecoin space. As the industry eagerly awaits the launch of RLUSD, all eyes are on XRP and its potential to reach new heights in the coming days.