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.
Ripple USD (RLUSD) is now live on global exchanges.
An enterprise-grade stablecoin built for everyone, $RLUSD combines fiat stability with blockchain efficiency:
➡️ Instant global payments, 24/7
➡️ Seamless on/off ramps
➡️ Access value in real-world assets.… pic.twitter.com/lJ43GdoDGR— Ripple (@Ripple) December 17, 2024
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.
Source: Ripple
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.
Source: 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.