Ripple (XRP) Poised for a Price Surge as RLUSD Stablecoin Launches on XRP Ledger and Ethereum Mainnet
- WBOYOriginal
- 2024-08-24 03:17:09638browse
Ripple has recently initiated the launch of its new stablecoin, RLUSD, on both the XRP Ledger and the Ethereum mainnet. The launch involves the initial minting of 385 RLUSD tokens—185 on the XRP Ledger and 200 on Ethereum.
CoinChapter – LUCKNOW, India – Ripple has recently initiated the launch of its new stablecoin, RLUSD, on both the XRP Ledger and the Ethereum mainnet. The launch involves the initial minting of 385 RLUSD tokens—185 on the XRP Ledger and 200 on Ethereum. This new stablecoin is pegged 1:1 to the U.S. dollar and is backed by a blend of U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents. To ensure transparency and trust, Ripple has committed to having these reserves audited monthly by a third-party accounting firm.
Some analysts and on-chain researchers, like SMQKE, have even speculated that the dominance of XRP and RLUSD could grow in the crypto space, especially if Bitcoin and Ethereum’s Tether dominance wanes. The idea is that Ripple’s RLUSD could fill the liquidity gap left by Tether.
Prominent figures like Cobb have expressed optimism that RLUSD could provide the boost XRP needs to climb in value. However, it’s important to note that Ripple is still in the beta phase of this stablecoin, and it has not yet received full regulatory approval.
One of the most significant aspects of this launch is its potential impact on the price of XRP, the native cryptocurrency of the XRP Ledger. Historical data suggests that the introduction of stablecoins can positively affect the value of the associated blockchain’s native token. For instance, Ethereum experienced a price surge after the launch of MakerDAO’s DAI stablecoin, and Tron saw a similar boost when Tether integrated with its network. Given these precedents, there is considerable optimism that the launch of RLUSD could have a similar effect on XRP.
At the time of writing, XRP/USD is currently trading at $0.59682, indicating a slight decrease of 0.11% on the daily timeframe.
The price is currently situated above the 9-day Simple Moving Average (SMA) of $0.58244, suggesting a short-term bullish trend. Moreover, the Relative Strength Index (RSI) is at 55.93, indicating moderate buying pressure. Notably, the RSI has been oscillating in the neutral zone, indicating a balance between buyers and sellers.
On the H4 timeframe, XRP has formed a series of higher lows since July, which is a bullish sign. However, it’s also facing resistance around the $0.65 level.
We can expect XRP to continue consolidating between $0.55 and $0.65. A break above $0.65 could see a test of $0.70, while a break below $0.55 might encounter support at $0.50.
If the positive sentiment around RLUSD stablecoin launch persists, Ripple’s XRP could potentially target the $0.75-$0.80 range. However, broader market conditions and regulatory news will play a crucial role in determining XRP’s price action.
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