Ripple’s new stablecoin RLUSD is in high demand ahead of its launch today. According to on-chain market data, bids for the token started at 500 XRP and went up to 836 XRP. The value of each XRP is approximately $2.5.
High Bids and Speculative Demand
There is great interest in RLUSD in the cryptocurrency market. Cryptocurrency enthusiasts are offering significant amounts of XRP to be among the first to own the token. Ripple CTO David Schwartz stated in his statement on Monday that he found this situation remarkable. “It’s interesting that someone would be willing to pay $1,200 for a small RLUSD,” Schwartz said.
Schwartz emphasized that this price is only valid for small amounts of tokens. “Perhaps someone would like the honor of buying the first part of RLUSD on the DEX,” he said in his statement. “However, when price stabilization is achieved, the token will gain a value very close to 1 dollar,” he said. Ripple CTO said that there is a serious problem if the price deviates from $1 for a long time.
Speculators are often willing to pay high prices to own the first batch of a new token or NFT in crypto markets. This may cause fluctuations in the value of RLUSD due to speculative transactions in the early periods.
Market Fluctuations and Price Stabilization Expectations
Lack of sufficient liquidity in the early hours of RLUSD launch may lead to price fluctuations. Experts state that the token may have difficulty maintaining its planned $1 value until it gains global stability. However, they predict that RLUSD holders will be able to buy back the token for $1 and the price will stabilize in the long run.
RLUSD will be listed on leading exchanges such as Uphold, MoonPay, Archax and CoinMENA, CoinDesk reported. The token, which will be published on XRP Ledger, will become more resistant to price fluctuations with the liquidity provided by Ripple.
Although Ripple’s RLUSD launch attracted intense interest due to high offers and speculative movements in the first period, price stability is expected to be achieved in the long term. Users will continue to closely monitor the token’s performance and market stability.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
