Key Takeaways
- Ripple’s RLUSD is a stablecoin that goes live on 17 December 2024. It will be directly pegged to the U.S. dollar at a $1:1 peg of $1.
- RLUSD will be listed on notable exchanges and will help businesses and organizations easily carry out blockchain transactions.
- The RLUSD listing would boost the XRP price as Ripple continues its bullish price action.
RLUSD, Ripple’s (XRP) most anticipated stablecoin, is set to launch on Tuesday, 17th December 2024, as announced by the Ripple (XRP) team. This launch will create much buzz and a price expectation rally for XRP.
There has been much expectation surrounding the RLUSD launch, with bids going as high as 830 XRP, which is approximately $2,200, for the price of RLUSD compared to its initial expectation of $1.
This surge has been the result of traders and retailers trying to bid early and hold RLUSD, considering it the first-issued stablecoin on the XRP ecosystem.
Let us discuss how RLUSD could impact the price of XRP in the long run. There has been speculation that the XRP price would be $50, with RLUSD on the verge of its launch.
What Is RLUSD? RLUSD Launch Date And Time
One of the leading blockchain technologies in the crypto space is on the verge of listing its Ripple USD (RLUSD) stablecoin on 17 December 2024. The coin will be pegged to the U.S. dollar, revolutionizing the payment industry through blockchain technology.
RLUSD is designed to enable seamless transactional activities in the crypto ecosystem. This stablecoin is backed by U.S. treasuries and cash equivalents to ensure consistent value and reliability in the coming years.
Ripple also plans to roll out its XRP Ledger (XRPL) and Ethereum blockchain, and it plans to include more DeFi opportunities for traders and investors in the near future.
The issuance of RLUSD will promote high transaction activities in the XRP ecosystem as businesses and companies adopt this payment method to eliminate the need for a third-party payment system.
Effect Of RLUSD Launch On XRP Price Today, Tomorrow, Week
Source – XRP Price Reaction Ahead Of RLUSD From TradingView
The price of XRP in the past few weeks has been bullish, with many activities taking place in its ecosystem. The price of XRP has demonstrated much strength, rallying from a region of $0.7 to a high of $2.9, which is more than 350%. The third largest cryptocurrency by market cap aims to rally to a new all-time high.
After forming a bullish continuation chart pattern and breaking out its bullish pattern, the price of XRP looks set for its bullish continuation rally from previous weeks as the launch of its stablecoin RLUSD has also acted as a catalyst for the price as there has been many speculations of price rallying to a high of $5.
The price of XRP currently trades above $2.65. If this volume is sustained, the price could break above $3 in the coming days, as bulls are in control of the XRP price at the moment. Key support for XRP remains $2 on a higher timeframe, with strong resistance around $3.5.
Is Rlusd Replacing XRP?
RLUSD is not replacing XRP as they are two different digital assets. RLUSD is a 1:1 pegged stablecoin to the U.S. dollar and is expected to read around $1, while XRP is a highly volatile digital asset.
