u.today
Some eagle-eyed members of the XRP community recently spotted a bewildering transaction on the XRP Ledger.
The transaction shows that 5.911292 XRP is worth 5,911 Ripple USD (RLUSD) tokens. This suggests that the price of XRP stands at $1,000 given that the value of XRP is pegged to the US dollar.
XRPL validator Vet has taken to social media to bring some clarity to the table. "RLUSD will not put XRP at a $1000, folks," Vet wrote in an X social media post.
He explained that this was simply an offer on the XRP Ledger's decentralized exchange. On this DEX, the term "offer" is used for all trade orders.
Obviously, this specific trade order is never going to be filled since no one in their right would be willing to trade 6,000 RLUSD for only 6 XRP tokens.
As reported by U.Today, Ripple started a private beta testing phase of its stablecoin back in August.
As explained by Vet, the recent transaction is not related to the minting of RLUSD tokens. The minting option is available only for accredited individuals. However, anyone can trade the token once it appears on the XRP Ledger.
Ridiculous price predictions
At press time, the XRP token is trading at just $0.59, according to CoinGecko data. If the token were to hit the aforementioned $1,000 price milestone, its market cap would have to reach a staggering $56.79 trillion. For comparison, Bitcoin is only worth $1.3 trillion at current prices. The entire market cap of the S&P 500 currently stands at $45.8 trillion.
Still, some pundits do not shy away from making such ridiculous predictions.
Meanwhile, Michael Saylor believes that the price of Bitcoin could reach $13 million. At this price, Bitcoin's market cap would reach $247 trillion.