Here’s How Ripple’s RLUSD Stablecoin Could Be a Game Changer

Published by

Elena R

June 19, 2024

Ripple has officially launched RLUSD, a new stablecoin available on both the XRP Ledger and the Ethereum main chain. This strategic move, announced by Ripple CTO David Schwartz, aims to meet the increasing demand for stable digital assets and capitalize on Ripple’s expertise in cross-border payments.

Read on to know more.

Meeting the Market Demand

Ripple’s confirmation of RLUSD’s launch platforms clears up any previous uncertainties. This clarity is crucial for investors and stakeholders looking for direction on Ripple’s stablecoin strategy.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized RLUSD’s importance in the growing stablecoin market. He predicts the industry, currently valued at $150 billion, could reach between $2.8 trillion and $3 trillion by 2028. Ripple’s launch positions it well to benefit from this anticipated growth.

XRP Market Analysis

XRP is currently trading at $0.49139 with a 24-hour trading volume of $5.052 million. Over the past month, its price has dropped by 3.0%. However, it has shown a 2.4% increase over the last week despite a slight 1.8% decrease in the past 24 hours.

At the beginning of 2024, XRP started at around $0.6295. Throughout the year, it saw significant fluctuations, reaching a high of $0.72301 in March and a low of $0.50233 in February. After a period of stability, it sharply declined to $0.47939 in April, recovering to over $0.5566 by late April. Despite recent lows, today’s price of $0.49139 represents a slight improvement.

Strategy at Play!

With RLUSD’s introduction, Ripple aims to strengthen its position in the growing stablecoin sector. Offering RLUSD on both the XRP Ledger and Ethereum main chain enhances accessibility and flexibility for users and investors.

This dual-platform strategy positions Ripple well to meet the evolving needs of global financial markets.

Also Read: Altcoins at the ‘Best-Buy’ Levels: Here are the Tokens to Pick Before the Spot Ethereum ETF Starts Trading

The launch of RLUSD is a big move for Ripple. What are your initial impressions?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.