Today will be an important day for Ripple. As Ripple announced yesterday, its stablecoin Ripple USD (RLUSD) will be available for sale on global exchanges starting from December 17.
“Each RLUSD token is fully backed by US dollar deposits, US government securities, and cash equivalents,” Ripple said in a statement.
While RLUSD is expected to be available for sale on exchanges, the XRP price has increased by over 14% in the last 24 hours, making it the second altcoin to gain the most in the last 24 hours.
Evaluating this rise in XRP, Obchakevich Research founder Alex Obchakevich stated that RLUSD was behind the recent rise in XRP and said, “Since XRP will be burned in RLUSD transactions, the two assets are intertwined and investors noticed this connection.”
“XRP has seen the biggest growth among the top 10 cryptocurrencies over the past week, significantly outpacing Bitcoin’s 10% increase over the same time frame.
XRP has been consolidating in this bull flag for a while now, but I think it will head towards $4 once it breaks the $2.60 resistance.
“Also, according to my predictions, RLUSD will enter the top 100 cryptocurrencies with a market cap of over $1 billion in the first days.”
Bitrue exchange chief executive Adam O'Neill stated that the launch of RLUSD will play a role in increasing market demand for XRP and will support the rise in price.
O'Neill pointed to spot XRP ETFs as a bullish factor other than RLUSD, and stated that he expects them to be approved in 2025.
“We think XRP ETFs will also be a likely event in 2025 and we expect a new record for XRP by the end of Q1 2025 at the latest.
Because we think XRP will benefit greatly from Trump's pro-crypto administration.”
XRP continues to trade at $2.68, up 14 percent in the last 24 hours.
*This is not investment advice.