Defying the Market Correction: XRP Spikes 4% as RLUSD Stablecoin Progresses

After several days of charting substantial gains, the cryptocurrency market flashed red today (September 30). Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have registered mild losses, whereas Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced more severe plunges.

Despite the broader cryptocurrency market downturn on Monday, XRP managed to defy the trend and register a price increase of 4% over the past 24 hours. The token experienced a surge to a local top of $0.66 on September 29 (according to CoinGecko), while it currently trades at around $0.64.

One key development that might be contributing to XRP's valuation rise is the progress on Ripple's upcoming stablecoin. Notably, X user Vet revealed that 800,000 RLUSD tokens were minted on Ethereum and XRP Ledger (XRPL) in the span of 24 hours. This stash comprises 99% of the total supply.

The total supply of RLUSD is 812,034 across ETH and XRPL. In the last ~24h in total 800k RLUSD got minted on Ethereum and #XRP Ledger combined. 99% of the total supply was minted in the last 24h.

— Vet ☠️ (@Vet_X0) September 29, 2024

Earlier this year, Ripple's team announced that the financial product will be pegged 1:1 to the US dollar. It is still in private beta testing, with the official launch planned later in 2024.

Many analysts believe XRP's price will飆漲 once RLUSD launches. For instance, X user Cobb stated that this will be among several factors that will propel the token's price to go “vertical.”

What's Next? Crypto X is teeming with market observers who believe that XRP's latest uptick could be the start of a massive rally. Captain Faibik recently suggested that the asset broke a “symmetrical triangle” pattern to the upside after three months of consolidation. The trader speculated that this could herald a surge to $2.30.

WIZZ also chimed in, envisioning a “turbo candle” in the short term that could push XRP's price as high as $2. Those interested in exploring additional bullish forecasts can check out our in-depth article here.

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