This popular crypto exchange adopts Stablecoin

TL;DR

Ripple’s stablecoin RLUSD got support from another well-known cryptocurrency exchange. XRP rallied to $2.27 after a correction, and analysts are predicting a substantial rally in the near term.

The next exchange to jump on the bandwagon

After months of testing and preparation, Ripple’s stablecoin officially went live in mid-December. This was made possible after the New York Department of Financial Services (NYDFS) approved it.

The product, called RLUSD, is pegged 1:1 to the US dollar and is designed to play a crucial role in Ripple’s cross-border payment solutions. After launch, the stablecoin was accepted by multiple cryptocurrency exchanges, including Uphold, Bitstamp, Bitso, Moonpay, CoinMENA and others.

More recently, the Bullish backed by Peter Thiel also joined the list. The company announced that users can trade the following trading pairs: RLUSD/USDC, BTC/RLUSD, XRP/RLUSD, ETH/RLUSD, USD/RLUSD, EUR/RLUSD and SOL/RLUSD.

Earlier this month, Ripple CTO David Schwartz warned the community about potential volatility around the product. He said there could be initial fluctuations, but eventually the price should settle around $1. The executive also warned people not to FOMO on a stablecoin, as “it’s not a get-rich-quick opportunity.”

According to CoinGecko data, RLUSD started trading at around $1 after 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 pegged at around $0.99.

Price RLUSD, Source: CoinGecko XRP Price Outlook

Numerous industry participants have maintained that the introduction of RLUSD could be one of the factors driving a price hike for Ripple’s native token. In fact, XRP saw a substantial bomb in mid-December (when the product saw the light), with a price of $2.70.

XRP Price, Source: CoinGecko

However, the crypto market correction seen at the end of last week deleted the asset below $2. In the last few days, the bulls managed to regain some of the lost ground and XRP is currently worth around $2.27.

Crypto X is full of analysts who believe it’s time for a new rally. Crypto Bitlord, an X user with nearly 400,000 followers, recently suggested that “the final bomb is being loaded for 2024.” For its part, CrediBULL Crypto stated that “the XRP/BTC chart below looks absolutely fantastic” and “the most bullish chart in the entire space.”

One element that indicates Ripple’s native token could experience a price jump in the near future is whale activity. Ali Martinez claimed that these big investors have bought millions of tokens in the past week.

These actions reduce the available supply of XRP on the open market, which may cause the price to rise if demand remains stable or grows. Large whale purchases can also generate enthusiasm among smaller investors, encouraging them to buy as well, potentially amplifying bullish momentum.

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