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Whales buy 30 million XRP after RLSUD stablecoin launch
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Ripple recently launched the RLUSD stablecoin, pegged to the US dollar. Known for its innovation in the cryptocurrency sector, the company drew attention to another product it owns, XRP.
Since announcing the stablecoin on major global exchanges, whales rushed to buy the XRP token. According to data released by analyst Ali Martinez, volume reached 30 million XRP.
Approved by the New York Department of Financial Services (NYDFS), the stablecoin RLUSD went live last Tuesday (17). The launch took place on two main networks: the Ethereum blockchain and the XRP Ledger.
Additionally, the token became available for sale on several exchanges, including Uphold, MoonPay and CoinMENA. Designed to be backed in a 1:1 ratio with the US dollar, the token even surpassed the value of the dollar itself.
Stablecoin RLUSD now available on the market
Before launch, the RLUSD cost 511 XRP (approximately US$1,300) on the Xaman cryptocurrency wallet. After its launch, some investors noticed that the token was costing US$1.50 on the MoonPay platform. One of the reasons that explains this is the increased interest in XRPthe native token of the Ripple blockchain network.
Ali Martinez, a cryptocurrency analyst with more than 100,000 followers on X, shared a graph on his social networks demonstrating that Large investors purchased 30 million XRP before the launch of RLUSD. The movement even caused the native token to give a jump from $2.35 to $2.71 during RLUSD launch.
The case moved social media so much last Tuesday afternoon that David Schwartz, CTO of Ripple, made a point of speaking out. He warned that the price discrepancy could result from a limited initial offering. In this way, he assured investors that, as soon as supply stabilized, the price would return close to US$1.
Despite the problems caused by the whale’s movements, the RLUSD launch was considered a success. Jack McDonald, senior vice president of Ripple’s stablecoin division, highlighted the potential of RLUSD, stating that the stablecoin market is entering a new phase of growth, with adoption increasing due to institutional use cases.
He described the stablecoins as “the right app for global payments”. Additionally, it announced plans to integrate RLUSD into its payments services for international banks and institutional partners starting next year. Ripple’s idea is for RLUSD to facilitate real-time cross-border payments by providing liquidity and integration with the DeFi protocol.
Whales buy 30 million XRP after RLSUD stablecoin launch
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Whales buy 30 million XRP after RLSUD stablecoin launch
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Whales buy 30 million XRP after RLSUD stablecoin launch
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Whales buy 30 million XRP after RLSUD stablecoin launch
