- Ripple Labs has launched its RLUSD stablecoin on top exchanges worldwide.
- Amid launch volatility, RLUSD will power ecosystem growth, impacting XRP price.
The long-awaited RLUSD stablecoin from Ripple Labs is now available on global exchange platforms. With RLUSD now live globally, market participants are watching to see if XRP, a Ripple-associated native asset, will hit a new All-Time High (ATH).
RLUSD Debuts on Exchanges
Ripple announced on December 17 that its RLUSD stablecoin is now available on several global exchanges, such as Uphold, CoinMENA, Bisto MoonPay, and Archax. Ripple added that there are plans to list the stablecoin on other recognized exchanges.
RLUSD was designed to maintain a 1:1 ratio with the US dollar, traded at $1.50 on MoonPay at launch. Before the launch, Ripple’s CTO, David Schwartz, mentioned the possibility of a price discrepancy in the early days.
“As RLUSD goes live, there may be supply shortages in the very early days before the market stabilizes,” Schwartz noted.
He, however, assured users that the price will return to $1 as soon as volatility subsides. The Ripple CTO added that RLUSD is not an opportunity to get rich quickly. Hence, he advised the crypto community not to FOMO into the stablecoin.
Nonetheless, the $1.5 is only a fraction of the bids made by Ripple supporters on Xaman, a crypto wallet for the XRP ledger, a few days ago. These investors were willing to pay as high as $1,300 for the first few issued RLUSD tokens.
The launch of the RLUSD stablecoin marks a major milestone for Ripple. The blockchain payments firm has assured users that the stablecoin is built for everyone as it combines fiat stability with blockchain efficiency.
With RLUSD, users can access seamless on/off ramps, instant global payments, and real-world assets. Additionally, RLUSD is designed to bring a reliable digital dollar equivalent to institutions and the broader Web3 ecosystem.
The RLUSD stablecoin launch follows the recent approval of the New York State Department of Financial Services (NYDFS), per a CNF report. This approval emphasizes Ripple’s compliance with established regulatory standards and requirements.
RLUSD is issued natively on the XRP Ledger and Ethereum mainnet. Thus, RLUSD can benefit from Ethereum’s established ecosystem while leveraging the low transaction costs, speed, and scalability of the XRP Ledger.
Will XRP Follow Suit with New ATH?
Following the RLUSD launch announcement, XRP surged strongly in recent months, increasing by 6% daily, hitting $2.71. The cryptocurrency has jumped 8.4% in the past week and 126.5% in the past month.
XRP’s move above the $2.7 level indicates a major breakout from the most recent consolidation phase. XRP’s next key resistance is $2.80, which it faced a major rejection earlier this month. If this level is broken, a retest of $3.00, a long-term psychological barrier, may inspire strong buying pressure.
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