The post Ripple USD (RLUSD) Launches on Global Exchanges, XRP Price Drop Ahead? appeared first on Coinpedia Fintech News
The most awaited Ripple Labs stablecoin Ripple USD (RLUSD) is now live on global exchanges after a prolonged period of struggle and hurdles with legal agencies. The cryptocurrency industry sees the launch as a major development for Ripple’s native token, XRP, which was strongly influenced after yesterday’s announcement.
Features of Ripple USD (RLUSD)
According to the latest updates from Ripple on X (formerly Twitter), this is an enterprise-grade stablecoin built for everyone, combining fiat stability with blockchain efficiency, maintaining a constant value of one US dollar.
The launch of RLUSD is issued on the XRP Ledger and Ethereum blockchain and is fully backed by a segregated reserve of cash and cash equivalents, redeemable 1:1 for US dollars.
With RLUSD, users can access instant payments globally 24/7, seamless on/off ramps, and the ability to access value in real-world assets. The report also states that Ripple USD allows businesses to send funds worldwide, backed by stability, trust, and compliance.
RLUSD’s Impact on XRP
With this launch, Ripple’s XRP soared significantly. It is currently trading near $2.67 and has experienced a price surge of over 13% in the past 24 hours. During the same period, its trading volume jumped by 165%, indicating heightened participation from investors and traders.
$115 Million in XRP Inflow Onto the Exchanges
However, this price surge and the RLUSD launch have attracted significant investors and long-term holders, as reported by the on-chain analytics firm Coinglass.
Data from XRP spot inflow/outflow revealed that exchanges have witnessed a significant $115 million worth of XRP inflow, which signals potential selling pressure. In the cryptocurrency context, “inflow” refers to the transfer of assets from wallets to exchanges, which potentially indicates a sell-off and suggests a possible price decline in the coming days.