{"id":31090,"date":"2024-12-25T13:30:58","date_gmt":"2024-12-25T13:30:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=31090"},"modified":"2024-12-25T13:30:58","modified_gmt":"2024-12-25T13:30:58","slug":"rlusd-adoption-on-the-rise-this-popular-crypto-exchange-embraces-the-stablecoin","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=31090","title":{"rendered":"RLUSD Adoption on the Rise: This Popular Crypto Exchange Embraces the Stablecoin"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple\u2019s stablecoin RLUSD gained support from another well-known cryptocurrency exchange.
\nXRP rebounded to $2.27 after a correction, with analysts predicting a substantial rally in the short term.<\/p>\n

<\/a><\/p>\n

The Next Exchange to Jump on the Bandwagon<\/span><\/h2>\n

After months of testing and preparation, Ripple\u2019s stablecoin officially <\/span>went live<\/span><\/a> mid-December. This became possible after the New York Department of Financial Services (NYDFS) approved it.<\/span><\/p>\n

The product, called RLUSD, is pegged 1:1 to the American dollar and designed to play a crucial role in Ripple\u2019s cross-border payment solutions. Upon launch, the stablecoin was embraced by multiple cryptocurrency exchanges, such as Uphold, Bitstamp, Bitso, Moonpay, CoinMENA, and others.<\/span><\/p>\n

Most recently, the Peter Thiel-backed Bullish also joined the list. The company <\/span>announced<\/span><\/a> that users can deal with the following trading pairs: RLUSD\/USDC, BTC\/RLUSD, XRP\/RLUSD, ETH\/RLUSD, USD\/RLUSD, EUR\/RLUSD, and SOL\/RLUSD.\u00a0<\/span><\/p>\n

Earlier this month, Ripple\u2019s CTO David Schwartz <\/span>warned<\/span><\/a> the community about<\/span> a <\/span>potential volatility surrounding the product. He said there might be initial fluctuations but eventually the price should settle around $1. The exec also <\/span>alerted<\/span> people not to FOMO into a stablecoin since it is \u201cnot an opportunity to get rich.\u201d<\/span>\u00a0<\/span><\/p>\n

According to CoinGecko\u2019s data, RLUSD started trading at approximately $1 upon launch, but in the following days, it hovered between $0.96 and $1.06. The valuation has stabilized since the beginning of the week, currently set at around $0.99.<\/span><\/p>\n

<\/a>RLUSD Price, Source: CoinGecko<\/p>\n

XRP Price Outlook<\/span><\/h2>\n

Numerous industry participants have maintained that RLUSD\u2019s introduction could be among the factors fueling a price rally for Ripple\u2019s native token. <\/span>In fact,<\/span> XRP saw a substantial pump in mid-December (when the product saw the light of day), with its price tapping $2.70.\u00a0<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

However, the crypto market correction witnessed at the end of last week suppressed the asset to under $2. In the last few days, the bulls managed to recover some of the lost ground, and XRP is currently worth around $2.27.\u00a0<\/span><\/p>\n

Crypto X is full of analysts who believe it is time for a new rally. Crypto Bitlord, an X user with almost 400,000 followers, recently <\/span>suggested<\/span><\/a> that \u201cthe final pump for 2024 is loading.\u201d For their part, CrediBULL Crypto claimed that \u201cthe XRP\/BTC chart below looks <\/span>absolutely<\/span> fantastic\u201d and \u201cthe most bullish-looking chart in the entire space.\u201d\u00a0<\/span><\/p>\n

One element indicating that Ripple\u2019s native token could indeed experience a price jump <\/span>in the near future<\/span> is the whales\u2019 activity. Ali Martinez <\/span>claimed <\/span><\/a>that such large investors <\/span>have<\/span> purchased millions of tokens in the past week.\u00a0<\/span><\/p>\n

These actions decrease the available supply of XRP on the open market, potentially leading to a price increase if demand remains steady or grows. Significant whale purchases might also generate enthusiasm among smaller investors, encouraging them to buy in <\/span>as well<\/span>, which could amplify the upward momentum.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The post RLUSD Adoption on the Rise: This Popular Crypto Exchange Embraces the Stablecoin<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple\u2019s stablecoin RLUSD gained support from another well-known cryptocurrency exchange. XRP rebounded to $2.27 after a correction, with analysts predicting a substantial rally in the short term. The Next Exchange to Jump on the Bandwagon After months of testing and preparation, Ripple\u2019s stablecoin officially went live mid-December. This became possible after the New York […]<\/p>\n","protected":false},"author":0,"featured_media":31091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31090"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31090"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/31091"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}