Why XRP is Defying the Crypto Market Slump Today!
After riding a wave of gains for several days, the crypto market hit a speed bump today (September 30). Big players like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) took a minor hit, while Dogecoin (DOGE) and Shiba Inu (SHIB) really felt the pressure.
But hold on to your hats, because Ripple’s XRP is bucking the trend! Instead of joining the downturn, XRP shot up by 4% in the past day. Yesterday, it touched a high of $0.66 and is now cruising around $0.64.
What's fueling this rocket? Ripple's upcoming stablecoin, RLUSD, might be the secret sauce. Recently, a whopping 800,000 RLUSD tokens were minted on Ethereum and the XRP Ledger in just 24 hours. That's about 99% of the total supply, folks!
The total supply of RLUSD stands at 812,034 tokens across ETH and XRPL. And guess what? Almost all of it was minted in the last day.
Back in the early months of the year, Ripple's team announced that RLUSD would be pegged 1:1 to the US dollar. It's still in private beta, but the official launch is on the horizon for later in 2024.
Crypto analysts are buzzing with excitement, predicting that once RLUSD launches, XRP’s price could skyrocket. One crypto enthusiast, Cobb, believes this new stablecoin could send XRP’s price soaring.
The crypto community is buzzing with optimism. Captain Faibik pointed out that XRP broke through a “symmetrical triangle” pattern, which could signal a surge to $2.30. Another analyst, WIZZ, is even more bullish, predicting a “turbo candle” that could push XRP’s price as high as $2.
It's an exciting time for XRP holders. Buckle up and stay tuned, because things are heating up!
