After much anticipation, Ripple’s stablecoin, Ripple USD (RLUSD), is now live on global exchanges. The listing of the digital asset has caused a surge in the trading volume of the token native to the blockchain XRP.
Data from CoinMarketCap shows that XRP’s 24-hour trading volumes soared 80% to $18 billion. At the time of writing, XRP traded at $2.62 with a market capitalization of $149 billion, ranking third behindBitcoin and Ethereum.
In the past day alone, the price has risen nearly 5%, while the gains are more than 25% in the weekly chart. In contrast, Bitcoin and Ethereum have not changed much in the daily chart, trading at $106,895 and $3,945, respectively.
Ripple’s New Digital Dollar
Ripple has officially entered the stablecoin market with the launch of its new digital currency, Ripple Dollar (RLUSD). Announced on December 17, RLUSD is now live on major global exchanges. RLUSD seeks to offer cross-border transactions.
According to the company, the token is backed by US dollar deposits and government bonds, ensuring stability in an otherwise volatile market. Although RLUSD has not made it to major crypto exchanges, it is reportedly available on Uphold, Bitso, MoonPay, Archax, and CoinMENA, with plans for broader adoption.
"Ripple USD (RLUSD) is now live on global exchanges. An enterprise-grade stablecoin built for everyone, $RLUSD combines fiat stability with blockchain efficiency: Instant global payments, 24/7, Seamless on/off ramps, Access value in real-world assets," Ripple wrote.
Ripple USD (RLUSD) is now live on global exchanges.An enterprise-grade stablecoin built for everyone, $RLUSD combines fiat stability with blockchain efficiency:➡️ Instant global payments, 24/7➡️ Seamless on/off ramps➡️ Access value in real-world assets.… pic.twitter.com/lJ43GdoDGR
— Ripple (@Ripple) December 17, 2024
The stablecoin recently integrated with both the XRPLedger and Ethereum blockchains. Ripple launched RLUSD under the New York Department of Financial Services (NYDFS) limited purpose trust company charter, which is widely regarded as a top regulatory standard.
Analysts are now predicting prices will reach as high as $20 in the near term, with the possibility of market capitalization reaching as high as $1 trillion in the second quarter of 2025. One user on X highlighted that the bull market is still at an early stage, and more is yet to come.
And for non-traders, you just need to zoom out a little so you don't forget the big picture.Structure on $XRP here looks so freaking clean and bullish, it's actually insane. Forget what happens on these lower timeframes- it's noise (for a non-trader), big picture is… https://t.co/9mBib6ci1u pic.twitter.com/o5ioncxE8h
— CrediBULL Crypto (@CredibleCrypto) December 15, 2024
Market Volatility
This move positions Ripple as a partner for financial institutions, developers, and enterprises seeking to embrace digital assets within regulated frameworks.
Interestingly, RLUSD faced volatility even before its official launch despite its backing and stable value proposition. Pre-launch bids for the token experienced unusual spikes, with some investors willing to pay as much as $1,200 for a fraction of the stablecoin.
As RLUSD goes live, there may be supply shortages in the very early days before the market stabilizes. There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD. Tools will show you the highest price anyone is willing to pay, even if it's just for a… https://t.co/LOx4rGiiiJ
— David "JoelKatz" Schwartz (@JoelKatz) December 15, 2024
Ripple has reassured users that these inflated prices are temporary and caused by early speculative interest. David Schwartz, Ripple’s Chief Technology Officer, cautioned against fear of missing out (FOMO) behavior.
This article was written by Jared Kirui at www.financemagnates.com.
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