"Ripple (XRP) Surges 13% on News of Its Own Stablecoin Launch"

Minseung Kang

Summary

Ripple announced the launch of its own stablecoin RLUSD, leading to a 13% surge in XRP price.
It was stated that XRP will be burned as a fee in RLUSD transactions, increasing its scarcity.
The launch of Ripple's stablecoin is expected to solidify its position in the cryptocurrency market.

Ripple (XRP) surged 13% following news that it will launch its own stablecoin, Ripple USD (RLUSD).

On the 17th, cryptocurrency media outlet Decrypt reported, "Ripple is set to launch the stablecoin RLUSD today. Analysts predict that RLUSD will boost demand for XRP."

Alex Obchakovich, founder of Obchakovich Research, stated, "XRP will be burned as a fee in RLUSD transactions," adding, "Over time, the scarcity of XRP will increase, leading to a rise in its price." He also mentioned, "RLUSD will solidify Ripple's position in the cryptocurrency market."

As of 10:10 PM on Binance's USDT market, the price of XRP is trading at $2.6862, up 13.8% from the previous day.

Meanwhile, RLUSD is an enterprise-grade US dollar-based stablecoin developed with a focus on trust, utility, and compliance, leveraging Ripple's years of experience in both the cryptocurrency and traditional financial systems.

RLUSD will initially be traded on Uphold, Bitso, MoonPay, Archax, and CoinMENA, and is expected to be listed on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash in the coming weeks.

XRP