Exclusive Interview: How RLUSD Is Set To Boost XRP and Ripple
During the Korea Blockchain Week (KBW) 2024, Ripple CEO Brad Garlinghouse announced the impending launch of RLUSD, the Ripple stablecoin, stating it would be available “in weeks, not months.” This announcement has generated significant industry interest in the potential impact of RLUSD on Ripple’s performance.
RLUSD Potential Impact
An insider, a former Ripple employee involved in the development of Ripple’s On-Demand Liquidity (ODL), shared insights on RLUSD’s potential impact in an exclusive interview with the Thinking Crypto Podcast. The insider expressed optimism about the stablecoin’s ability to benefit XRP and attract liquidity, particularly due to Ripple’s extensive presence on global cryptocurrency exchanges.
Read Also: Ripple Unlocks 1 Billion Coins, XRP Price Drops By 5%
Reportedly, RLUSD tokens have been minted on both the Ethereum and XRP Ledger chains since September 28 in preparation for the launch. However, not all perspectives on RLUSD’s impact on XRP are positive. Critics, such as Jungle Inc., have raised concerns about potential limitations on the XRP Ledger (XRPL) and criticized Ripple’s development team for their alleged lack of readiness for the launch.
Despite differing opinions, many experts anticipate that RLUSD will contribute to an increase in the price of XRP. They believe the stablecoin will provide stability for transactions, particularly in remittances, payments, and settlements, thereby reducing volatility in the market.
Ripple’s CTO, David Schwartz, confirmed that RLUSD will be available for retail traders through exchanges, similar to the acquisition process of USDT and USDC.
Price Action and Analysis
In terms of XRP’s future price movement, analyst Sasuke Trading highlighted a bullish pattern on XRP’s price chart, forecasting a potential bullish reversal with a target price of around $1.32 based on the 0.618 Fibonacci retracement level. However, the analyst also warned of a potential decline in XRP’s price to $0.2 if the market weakens and breaks below the sloping trendline.
Read Also: Analyst Prediction: XRP Set for Massive Surge, Potential to Reach $17 or $27 Target
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