Ripple USD (RLUSD) Launches on Global Exchanges, XRP Price Drop Ahead?

The most awaited Ripple Labs stablecoin Ripple USD ($RLUSD) is now live on global exchanges after a prolonged period of struggle and hurdles with legal agencies. The cryptocurrency industry sees the launch as a major development for Ripple’s native token, $XRP, which was strongly influenced after yesterday’s announcement.

Features of Ripple USD ($RLUSD)

According to the latest updates from Ripple on X (formerly Twitter), this is an enterprise-grade stablecoin built for everyone, combining fiat stability with blockchain efficiency, maintaining a constant value of one US dollar.

The launch of $RLUSD is issued on the $XRP Ledger and Ethereum blockchain and is fully backed by a segregated reserve of cash and cash equivalents, redeemable 1:1 for US dollars.

With $RLUSD, users can access instant payments globally 24/7, seamless on/off ramps, and the ability to access value in real-world assets. The report also states that Ripple USD allows businesses to send funds worldwide, backed by stability, trust, and compliance.

Source: Ripple

$RLUSD’s Impact on $XRP

With this launch, Ripple’s $XRP soared significantly. It is currently trading near $2.67 and has experienced a price surge of over 13% in the past 24 hours. During the same period, its trading volume jumped by 165%, indicating heightened participation from investors and traders.

$115 Million in $XRP Inflow Onto the Exchanges

However, this price surge and the $RLUSD launch have attracted significant investors and long-term holders, as reported by the on-chain analytics firm Coinglass.

Source: Coinglass

Data from $XRP spot inflow/outflow revealed that exchanges have witnessed a significant $115 million worth of $XRP inflow, which signals potential selling pressure. In the cryptocurrency context, “inflow” refers to the transfer of assets from wallets to exchanges, which potentially indicates a sell-off and suggests a possible price decline in the coming days.