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Today will be an important day for Ripple. As Ripple announced yesterday, its stablecoin Ripple USD ($RLUSD) will be available for sale on global exchanges starting from December 17.
“Each $RLUSD token is fully backed by US dollar deposits, US government securities, and cash equivalents,” Ripple said in a statement.
While $RLUSD is expected to be available for sale on exchanges, the $XRP price has increased by over 14% in the last 24 hours, making it the second altcoin to gain the most in the last 24 hours.
Evaluating this rise in $XRP, Obchakevich Research founder Alex Obchakevich stated that $RLUSD was behind the recent rise in $XRP and said, “Since $XRP will be burned in $RLUSD transactions, the two assets are intertwined and investors noticed this connection.”
“$XRP has seen the biggest growth among the top 10 cryptocurrencies over the past week, significantly outpacing Bitcoin’s 10% increase over the same time frame.
$XRP has been consolidating in this bull flag for a while now, but I think it will head towards $4 once it breaks the $2.60 resistance.
“Also, according to my predictions, $RLUSD will enter the top 100 cryptocurrencies with a market cap of over $1 billion in the first days.”
Bitrue exchange chief executive Adam O'Neill stated that the launch of $RLUSD will play a role in increasing market demand for $XRP and will support the rise in price.
O'Neill pointed to spot $XRP ETFs as a bullish factor other than $RLUSD, and stated that he expects them to be approved in 2025.
“We think $XRP ETFs will also be a likely event in 2025 and we expect a new record for $XRP by the end of Q1 2025 at the latest.
Because we think $XRP will benefit greatly from Trump's pro-crypto administration.”
$XRP continues to trade at $2.68, up 14 percent in the last 24 hours.
*This is not investment advice.