XRP
Price On The
Brink Of Another
Breakout:
The Game-Changing
Implications
Of Ripple s RLUSD Mints
XRP Price On The Brink Of Another Breakout: The Game-Changing
Implications Of Ripple s RLUSD Mints
by Scott Matherson
14 minutes ago
in Altcoin News
0
XRP has been on a significant upsurge in the past few weeks. Notably, the XRP
price recently surged to $2.81, its highest market value since January 2018,
marking a significant milestone in its price trajectory. Interestingly, the
XRP price rally has seen it overperforming most cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта and
overtaking BNB, Solana, and Tether• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Tether USDT in market cap ranking. As the XRP
price momentum grows, another stimulant might be on the rise that would send
it on a greater surge. Particularly, fresh speculation around Ripple’s use of
its escrow reserves for RLUSD mints is drawing attention across the
cryptosphere.
The RLUSD Minting Strategy And Ripple’s Escrow
Rumors are that Ripple, the payment technology company behind XRP, may be
planning to use its escrowed XRP as the initial reserve for RLUSD minting. As
the largest holder of XRP, Ripple currently has approximately 37.24 billion
tokens in escrow, with a set portion of 1 billion XRP tokens unlocked every
month.
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Puts Price Top In The Double-Digits
Meanwhile, RLUSD is Ripple s new dollar-backed stablecoin that is
expected to launch soon, with regulatory approval from the New York Department
of Financial Services• Экономика » Финансы » Финансовые услуги
• Сфера услуг » Финансовые услуги (NYDFS) anticipated on December 4.
According to a crypto analyst on social media platform X, this dollar-backed
stablecoin could provide Ripple with a mechanism to sell RLUSD to its
On-Demand Liquidity (ODL) partners, offering a significant boost in working
capital. This approach could deliver two transformative outcomes for Ripple
and the broader XRP Ledger (XRPL) ecosystem: a substantial liquidity injection
and a controlled reduction in XRP’s total supply. Furthermore, it would
provide utility for the locked XRP tokens in Ripple s possession.
Game-Changing Implications For The XRP Price And XRPL
With RLUSD, Ripple would be entering a stablecoin market dominated by
heavyweights like USDT and USDC. However, given its longstanding history with
the crypto industry, Ripple might be in a good position to compete with other
stablecoins.
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Says DOGE Is Headed For This Next Critical Level
If RLUSD becomes widely adopted, there will be an indirect demand for XRP,
which will increase its utility. More demand for XRP in this context could
positively affect its price. Additionally, the process of minting RLUSD might
involve effectively locking up XRP tokens if used as escrows, resulting in a
reduced circulating supply and further supporting price growth.
At the time of writing, XRP is trading at $2.74 and is currently up by about
12% and 90% in the past 24 hours and seven days, respectively. The rally
follows intense whale accumulation, with wallets holding between 1 million and
10 million XRP collectively amassing over 679.1 million tokens in three weeks,
according to data from on-chain analytics company Santiment. Source: Santiment
Interestingly, this accumulation is currently valued at an approximate $1.66
billion. Such an accumulation trend could continue to push the XRP price on a
positive path, with the next target being a break above $3 and a subsequent
break into a new all-time high above $3.40. XRP still looking bullish |
Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
