Ripple’s upcoming RLUSD stablecoin is generating significant buzz in the crypto community, with many speculating it could serve as a major boost to XRP’s value. The excitement around RLUSD has only grown after Ripple CEO Brad Garlinghouse hinted at a launch happening “in weeks, not months” during the recent Korea Blockchain Week 2024.
But the pressing question remains: Will this launch impact XRP’s price?
A former Ripple employee, speaking on the Thinking Crypto Podcast, shared insider insights, claiming that RLUSD could be a game-changer for XRP. The ex-employee, who previously worked on Ripple’s On-Demand Liquidity (ODL) platform, explained that RLUSD would likely be paired with XRP, significantly boosting liquidity for transactions.
Given Ripple’s presence on major global exchanges, this pairing could drive higher demand for XRP. RLUSD’s stable value could make it a preferred choice for remittances and payments, further enhancing XRP’s role in facilitating these transactions.
Echoing similar optimism, popular YouTuber and XRP advocate, 24hrsCrypto, also believes RLUSD will enhance XRP’s utility. He notes that stablecoins are projected to exceed $3 trillion in value by 2028, and rising demand for RLUSD could directly benefit XRP, which serves as a bridge in various financial transactions.
At the moment, XRP is trading at $0.65 following a bullish breakout, which some analysts suggest could signal an extended upward trend. Crypto analyst Sasuke Trading predicts XRP’s price could target $1.32, based on harmonic patterns observed on the weekly chart. However, caution remains, as a dip below the critical $0.60 level might signal further declines.
Not Everyone is Convinced!
While XRP is still in a bear trap, Jungle Inc., a notable Ripple critic, voiced concerns over the stablecoin’s initial launch on Ethereum instead of the XRP Ledger (XRPL). He argues that RLUSD may lack essential capabilities on the XRPL and criticized the Ripple development team for not preparing adequately for this launch.
According to him, although XRP might perform well in the current bull market, it may not hold a top position among crypto chains due to these strategic missteps.
As the RLUSD stablecoin nears its launch, market sentiment remains divided. While some see it as a potential boon for XRP, others, like Jungle Inc., remain skeptical. Ripple’s President, Monica Long, has addressed the debate, clarifying that RLUSD and XRP serve different purposes and are not in competition with each other.
With the stablecoin’s release on the horizon, both excitement and uncertainty continue to swirl around Ripple and XRP.
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