- $100 million worth of RLUSD has been issued in two days as demand for the stablecoin skyrockets.
- Analysts have predicted that XRP could decline below $2 before staging a rebound to a new high.
Ripple’s stablecoin RLUSD records its highest release in months with $100 million issued in two days. According to an official report, this underscores the rising demand for the stablecoin and the impact of its recent addition to Ripple’s official payments system which was confirmed by CNF in a blog post.
Details of the RLUSD Issuance
On Tuesday, April 1, Ripple issued $50 million worth of RLUSD. Interestingly, this did not end there, as another $50 million was issued on Wednesday, April 2. According to experts, demand could significantly increase from the current level as payment providers like BKK Forex and iSend start using it for transactions.
The fast adoption rate of the RLUSD has forced multiple experts to compare it with already established competitors like the USDT and USDC. Recently, Binance founder Changpeng Zhao explained that while this competition could be termed a “stablecoin war”, it could also be seen as a healthy one.
CZ’s remark followed an X post highlighting how the RLUSD integration into Ripple’s payment system could unlock access to more than 90 payout markets and establish instant connections to banks, exchanges, payment service providers, etc. Its significant growth could also trickle down to the Decentralized Finance (DeFi) apps, which are based on the XRP Ledger.
Experts believe that RLUSD has so far exceeded expectations as its market cap reaches around $250 million and $10 billion in trading volume. Meanwhile, XRP could benefit from this significant growth due to its central role in the ecosystem.
XRP Price Analysis
At press time, the asset was trading at $2.0 after declining by 3% on the 24-hour price chart, and 14% on the weekly price chart. On top of this, XRP’s market cap has fallen to $118 billion while its 24-trading volume has surged by 83%.
Subjecting the asset to further analysis, analyst Egrag Crypto indicated that XRP’s sentiment for April is known as the “boredom phase.” According to him, XRP may experience an additional decline to $1.90–$1.79. However, this is a “short-lived wick.” From this level, XRP may stage a rebound to $2.80–$3.00 before the end of the month. For this reason, Egrag Crypto advises that investors build mental toughness at this phase and only accumulate.
Do nothing except buy if you can, and sit on your ass. Do you really think XRP will change the world and they will give it to you on a golden plate? […] We are now in a phase where only the mentally strong will survive.
Meanwhile, another analyst identified as DefendDark has disclosed that XRP could soon target the $5-$8 range. As explained in our last analysis, he highlighted that XRP is moving into the third wave of the Elliott Wave Structure where the big move is expected to begin. For now, market sentiment remains down as the XRP search trend plummets, according to our recent analysis.
