coindesk.com
Ripple’s upcoming $RLUSD stablecoin is attracting bids upto 836 $XRP on onchain marketplaces ahead of its Tuesday release, a sign of frenzy among enthusiasts who may want to be the first to hold the token.
These bids range from 500 $XRP to as much as 836 $XRP as of Asian morning hours on Tuesday, CoinDesk viewed on the Xaman application. Each $XRP exchanges hands for just under $2.5, data shows.
“There actually is someone willing to pay $1,200/$RLUSD for a tiny fraction of one $RLUSD.,” Ripple Labs CTO David Schwartz said in a Monday post. “Tools will show you the highest price anyone is willing to pay, even if it's just for a tiny bit. Maybe someone wants the "honor" of buying the first bit of $RLUSD on the DEX.”
“But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn't, something is very seriously wrong,” Schwartz added.
Speculators often engage in high-priced transactions for small quantities of a new token or NFT to gain early access or to capitalize on the novelty of holding the first batch.
As such, $RLUSD might not have enough liquidity to maintain its peg effectively in the first few hours after it goes live, meaning there may be some price discrepancies from the intended $1 peg. However, each token will be redeemed for only a dollar, and it is unlikely to remain depegged for an extended period.
$RLUSD will go live on the $XRP Ledger ($XRP) on Tuesday, as CoinDesk reported, with initial listings on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.