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Ripple has confirmed the launch of a new stablecoin, RLUSD, on both the XRP Ledger and the Ethereum main chain. This move, announced by Ripple CTO David Schwartz recently, aims to meet the growing demand for stablecoins and leverage Ripple;s expertise in cross-border payments.
Read on to find out how this launch could shape the future of the stablecoin market and Ripple’s role in it.
RLUSD: Ripple’s Strategic Move
Ripple’s decision to launch RLUSD on two major platforms – the XRP Ledger and the Ethereum main chain – aims to address the increasing demand for stablecoins. CTO David Schwartz’s confirmation clears previous confusion about the launch platforms, providing clarity for investors and stakeholders.
Ripple Managing Director for the Middle East and Africa Reece Merrick emphasized RLUSD’s importance in the stablecoin market. He projects the industry to grow from its current $150 billion valuation to a staggering $2.8-$3 trillion by 2028. This launch positions Ripple to capitalize on this anticipated market expansion.
XRP Current Market Position: An Brief Overview
XRP is currently priced at $0.49139, with a 24-hour trading volume of $5.052 million. The price has changed by -3.0% in 30 days, +2.4 % in 7 days, and -1.8 % in 24 hours.
At the beginning of 2024, XRP was priced around $0.6295. It hit a low of $0.50233 on 4th February and then peaked at $0.72301 on 11th March. After the peak, the price fell and moved sideways for a few weeks. On 12th and 13th April, the price dropped sharply to $0.47939. It climbed to over $0.5566 on 22nd April but has since weakened, reaching a low of $0.4743 on 14th June. Today’s price of $0.49139 is slightly better than this recent low but still below its previous highs.
Ripple’s introduction of RLUSD is a strategic move to strengthen its position in the growing stablecoin market. As the industry evolves, Ripple’s dual-platform approach could offer significant benefits to users and investors alike.