Ripple RLUSD Live Updates: How Will XRP Price React?

The third-biggest crypto payments facilitator, Ripple announced that its RLUSD Stablecoin will go live today, ie., Tuesday, December 17, 2024. Ripple’s stablecoin has received approval from the New York Department of Financial Services (NYDFS) and will compete with giants like Tether’s USDT, and Circle’s USDC. Many speculate that RLUSD could catalyze the XRP price to shoot up to $3.

RLUSD To Go Live Today: Here’s Everything You Need to Know

After receiving the approval from NYDFS, Ripple announced on December 16, that their stablecoin RLUSD will go live on December 17, 2024. The New York Trust Company Charter will issue the token. RLUSD is a stablecoin backed 1:1 with U.S. dollar, cash equivalents, and government bonds. Based on the announcement, there will be third-party monthly audits to ensure pegging and transparency.

The Ripple news confirmed that it will get launched today on many famous crypto exchanges like Uphold, MoonPay, CoinMENA, etc. However, trading is likely to begin tomorrow. Later, Bitstamp, Bitso, Zero Hash, and many others, will launch the stablecoin as well.

The wait is over: RLUSD launches globally tomorrow!https://t.co/mYcyyX6Vre

— Ripple (@Ripple) December 16, 2024

The blockchain network has planned this Ripple stablecoin to facilitate real-time cross-border payment, along with providing liquidity and seamless integration of the DeFi protocol. Its launch is on two primary networks, i.e., Ethereum blockchain and XRP Ledger worldwide, but not in the EU due to the nation’s newly implemented MiCAR regulations.  Interestingly, the blockchain firm has launched this stablecoin to benefit the XRP and will be paired together to support each other in the financial markets and cross-border payments.

Further, two more prominent industry leaders have joined the project, Raghuram Rajan (former governor of the Reserve Bank of India) and Kenneth Montgomery (chief operating officer of the Federal Reserve Bank of Boston).

How Will Ripple Stablecoin Launch Impact XRP Price?

Ripple price has maintained continuous bullishness over the last few weeks. It has jumped to as high as $2.8 earlier in the month. Even at present, the XRP price is at $2.51 with a market capitalization of $143.85B, making it the third biggest cryptocurrency after Bitcoin and Ethereum. More importantly, its trading volume is at $12.49B after an 87% surge, clearly indicating the investor’s enthusiasm building around the RLUSD stablecoin launch.

Regardless, this Ripple news is likely to push the token further, where some claim to see the XRP price at $5, $10, or even higher. A crypto analyst, CrediBULL Crypto, says the XRP chart is so clean and bullish that it can easily trade above $5 in 2025.

Another analyst, DonAlt, revealed that the Ripple price is moving between $2.20 and $2.60, between the support and resistance. If it broke the resistance at $2.60, it could trigger a bullish momentum, pushing the token to $3 or higher. However, this is not the only factor contributing to the XRP price rally. Others like Bitcoin attaining ATH, the launch of XRP ETFs, Gensler’s resignation in January, and much more will contribute to this token’s future rally.

XRP Whales Accumulate $830M in 24 Hours

In anticipation of the Ripple price rally, the whales have begun accumulating the token. In the last 24 hours alone, whales accumulated 830 million XRP tokens, favoring the price surge in the token.

However, there are also volatility issues with the Ripple RLUSD launch, as the demand is persistently high. People have hyped its price as high as $1,200 on DEX in pre-listing due to the supply shortage. With that, the investors questioned whether the Ripple stablecoin would stay pegged to $1 after launch or not. This decision alone will ultimately affect the XRP price.

Is RLUSD Going To Change Crypto Transactions?

RLUSD is Ripple’s dream to transform cross-border transactions with cryptocurrency. Stabelcoin has been dominating this sector, in which USDC and USDT are superior, but analysts believe Ripple stablecoin could challenge that. The token is going live today, i.e. Tuesday, December 17, with a listing on many crypto exchanges. This Ripple news has activated the whales and investors on the network, as the trading volume is rising high. More importantly, the whales have purchased 830 million XRP in the last 24 hours. As a result, the Ripple stablecoin might push the XRP price to $3 or higher.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.