XRP Expert Dispels Ripple Stablecoin Rumours
In a recent communication, WrathofKahneman raised concerns about the dissemination of premature information by various promotional accounts regarding the rate at which Ripple has been generating its RLUSD stablecoin. These accounts allege that Ripple had created 80% of the RLUSD supply within a 24-hour period.
Overview of the Insight and RLUSD Minted
The speculation stems from a report by Ripple Stablecoin Tracker indicating substantial volumes of minted RLUSD. As of September 24, at 12:28 a.m. (UTC), the maximum total supply of RLUSD increased to 563 tokens following the minting of 485 RLUSD, representing the largest mint conducted during the stablecoin’s beta testing phase.
Read Also: LUNC Shows Bullish Momentum Ahead of Upcoming Binance Burn
Subsequently, Ripple has minted several hundred thousand RLUSD tokens. Notably, a total of 1,711,030 (1.71 million) RLUSD tokens have been minted in five days across 14 transactions. The most significant single issuance occurred at 06:49 p.m. (UTC) the day prior, with 480,000 RLUSD tokens issued on the XRP Ledger (XRPL).
WrathofKahneman addressed the growing rumours surrounding RLUSD issuance, emphasizing that the stablecoin is still under development and has not been officially released. As the token is in beta testing, WrathofKahneman stated that RLUSD does not have a formal reserve attestation. Therefore, the nature of the reported RLUSD minting in recent days remains uncertain.
WrathofKahneman also reassured the cryptocurrency community that RLUSD will be released to the market, urging patience and advising against the spread of misinformation about the USD-backed stablecoin. Meanwhile, RLUSD is undergoing testing on both XRPL and the Ethereum networks. Ripple has not confirmed the official launch date of the stablecoin on the mainnet.
Community Responses
Despite this, numerous speculations have arisen within the XRP community, with some asserting that the mainnet launch of RLUSD could have a positive impact on XRP’s price. According to these proponents, XRP’s price could reach $1 million if the value of XRP matches that of RLUSD, pegged at $1. Whether this prediction will materialize is yet to be seen.
Price Action
At the time of writing, XRP is the leading performer among the top 20 cryptocurrencies, with a 24-hour gain of 4.88%. XRP is currently trading at $0.6481 per token, with a daily volume of $2.58 billion.
Read Also: Shiba Inu Price Analysis: Expert Predicts Significant Movement Ahead
Follow us on Twitter, Facebook, Telegram, and Google News
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
