Ripple insider discloses that the upcoming Ripple RLUSD stablecoin will actually benefit XRP price. Ripple CEO Brad Garlinghouse revealed in Korea Blockchain Week (KBW) 2024 that the RLUSD will be released “in weeks, not months.” This was back at the beginning of September, and now the whole industry eagerly awaits the launch of this game-changing product and whether it will positively impact Ripple and lift it or knock it down.
Ripple Insider Says RLUSD Will Benefit XRP
In an exclusive interview with the Thinking Crypto Podcast, the insider, a former Ripple employee, said they had advocated for a Ripple stablecoin years ago. This employee worked with Ripple’s propriety product known as On-Demand Liquidity (ODL). This tool leverages Ripple’s native token to allow cross-border transfers.
Thinking Crypto Podcast host noted that the insider firmly believes that RLUSD will “actually be beneficial for XRP.” Additionally, the token will be paired with the stablecoin and will drive liquidity to the stablecoin since Ripple is listed on most global crypto exchanges.
Ripple has been minting RLUSD tokens on the Ethereum and XRP Ledger chains since September 28 in preparation for the launch.
However, not everybody shares the same outlook on RLUSD’s impact on XRP. Jungle Inc., a Ripple critic, shared his analysis on Twitter, stating that the RLSUD “will lack key capabilities on the XRPL” as rumors suggest the stablecoin may launch on Ethereum first before XRPL. Jungle Inc. took a hard jab at the Ripple development team, blaming them for not preparing for the launch even though they had enough time to do it. Because of this, Jungle Inc. thinks that although XRP will perform well in this bull run, “it’s no longer a top 3 chain.”
Experts Clarify RLUSD Impact on XRP
Experts on the subject of XRP have shared their opinions and analyses, and most agree that the potential for Ripple’s stablecoin, RLUSD, to drive the price of XRP higher is real. 24hrsCrypto, a popular Youtuber and an XRP, Ripple enthusiast, mentions that RLUSD is expected to be designed to provide a stable value for transactions, eliminating volatility, which is particularly useful for remittances, payments, and settlements where parties prefer stability.
In his research, 24hrsCrypto found that the stablecoin ecosystem is projected to surpass $3 trillion by 2028, with RLUSD playing a significant role in this growth. The demand for XRP is expected to increase due to its bridging capabilities, enhancing its utility and market value. In the same video, he also analyzed the potential for the XRP price to surge to $14.
Ripple CTO David Schwartz has clarified that RLUSD will be available for retail traders from exchanges, similar to how USDT and USDC are acquired.
How High can XRP Go in 2024? Will XRP Hit $1?
XRP price trades today at $0.650 after triggering a breakout, putting an end to the multi-year downtrend. With this recent move, Ripple is primed for a massive move to the upside.
According to Sasuke Trading, a popular analyst, XRP’s price chart displays a bullish bat, a harmonic pattern that forecasts a bullish reversal. This pattern typically predicts a price move toward a higher level once the reversal is completed. The target (TP2) shown on the chart is around $1.32 based on the 0.618 Fibonacci retracement level.
The chart above from Sasuke Trading shows XRP price action on the weekly timeframe is forecasting a $1.2 XRP in the medium-to-long-term. However, if the Ripple breaks back below the slopping trendline, it could signal market weakness, driving the XRP price even lower to $0.2.
Frequently Asked Questions (FAQs)
RLUSD is Ripple’s upcoming stablecoin that will be released on both the Ethereum and XRP Ledger (XRPL) chains. According to a former Ripple employee, RLUSD is designed to enhance XRP’s liquidity and utility, leveraging XRP’s wide exchange availability.
Ripple CEO Brad Garlinghouse disclosed during the Korea Blockchain Week 2024 that RLUSD would be launched “in weeks, not months.” With Ripple minting RLUSD tokens since September 28, the launch is expected soon.
The stablecoin market is projected to surpass $3 trillion by 2028. RLUSD is expected to play a significant role in this growth, particularly in providing a stable value for transactions in volatile markets, which will further drive XRP’s utility.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/how-rlusd-will-lift-xrp-ripple-insider-disclosed/
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