Tag: RLUSD

Ripple’s RLUSD Stablecoin Sees 2,000% Jump in Trading Volume

Ripple’s RLUSD stablecoin sees a 2,000% surge in trading volume, raising concerns about liquidity and market manipulation.

Suddenly, the volume of its stablecoin, RLUSD, skyrocketed through the roof 2,000%, which is now over $611 million in trading volume. That catapulted the ranking of this stablecoin into the top 4 most traded stablecoins out there and immediately made it the talk of the town among crypto investors and enthusiasts alike.

It follows Ripple’s minting a record 1.79 million RLUSD tokens on Ethereum, while in the last 24 hours, a total of 6.7 million RLUSD tokens were transferred across different chains combined. Also large exchanges such as Bitstamp has joined in to make transfers in millions with the RLUSD whales as well.

Ripple isn’t just riding the wave of growth but is making sure RLUSD is trustworthy too. The company has issued nearly $80 million in RLUSD, backed by $83 million in reserves, and plans to release a full audit report later this month. This will be reviewed by independent auditors to ensure RLUSD is as secure and backed as claimed.

Ripple’s financial strength, including over $100 billion worth of XRP, gives them a solid base. However, despite the hype, there are concerns. Around 96% of RLUSD’s volume is on the Bullish platform, sparking questions about liquidity and market manipulation.

Ripple plans to address these issues with an upcoming report. If RLUSD keeps growing, it could become a major force in crypto, but investors should stay aware of potential risks.

You might like: BiG Bank in Portugal Suspends Fiat Payments for Crypto Transactions

Ripple CTO Highlights RLUSD’s Role in Enhancing XRP Ledger Experience

Ripple just dropped RLUSD. Its a stablecoin pegged 1:1 to the USD, its CTO explained how it’s a game-changer. RLUSD boosts XRP Ledger by handling crypto and fiat smoother, increasing liquidity, and powering DeFi apps. It’s perfect for easy cross-border payments and switching between cash and crypto seamlessly.

Ripple’s CTO, Joel Katz, just broke down why their new stablecoin, RLUSD, is a big deal. Launched recently and approved by the NYDFS, RLUSD is pegged 1:1 with the US dollar, making it super steady for cross-border payments and moving between crypto and fiat. To put it simply, its a smooth operator for your money, whether it be real money or crypto.

Here’s the tea: RLUSD and XRP aren’t competing; they’re vibing together. XRP stays the MVP for international payments, while RLUSD steps in to boost liquidity and fuel DeFi projects. Katz explained that the magic lies in XRP Ledger’s auto-bridging system, which uses XRP as the middleman to connect different assets seamlessly. Basically, they’re the dream team.

For developers, it’s an open door to more opportunities and higher trading volumes within the XRP Ledger ecosystem. For businesses and users, it’s all about easy transactions and converting real-world assets into tokens without the usual hassle.

Ripple President Monica Long also highlighted their unique roles—XRP for global payments, RLUSD for liquidity and stability. With RLUSD, Ripple’s not just keeping up; they’re setting trends in the crypto space. Expect more innovation and activity on the XRP Ledger.

You might like: Russia’s Bank Governor Says No to Crypto for Local Use

Can RLUSD Launch Propel XRP Past the $3 Mark? XRP Price Forecast

Ripple’s RLUSD stablecoin launches today. Its creating major hype in the crypto space right now. Plus, XRP is already up 135% this month, is targeting $3, nearing its all-time high of $3.317 from 2018. With RLUSD’s regulatory backing and massive user base, analysts believe XRP could hit new highs soon.

The crypto buzz is real as Ripple drops its much-awaited stablecoin, RLUSD, today. This is Ripple’s first-ever stablecoin, and it’s got the XRP fam hyped. Plus, their token comes with legit regulatory backing from the NYDFS and will be up for grabs on platforms like Uphold and MoonPay.

Meanwhile, XRP is on fire! It’s up a massive 135% in just a month, breaking past $1 in mid-November and racing towards $3. After touching $2, XRP took a dip to $1.98 on Dec 10 but bounced back strong to $2.5 right as RLUSD hype hit. Now, all eyes are on the $3 mark—XRP’s next big hurdle.

If XRP clears $3 and holds, we might see it smash its all-time high of $3.317 from way back in January 2018. With RLUSD’s launch boosting confidence and liquidity, analysts think this could finally be XRP’s moment to shine after years of struggles.

You might like : Australia Unveils National Plan to Boost AI Industry Growth

Exit mobile version