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Ripple’s RLUSD Sparks XRP Interest! What Next For XRP Price?


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Recently, XRP saw its open interest surge to an impressive $1 billion on Sunday before tapering off to $846 million by Wednesday. This fluctuation reflects ongoing interest and activity in the XRP derivatives market.

Ripple

Ripple’s Stablecoin, RLUSD

Ripple Labs is making waves in the cryptocurrency space by testing its new stablecoin, Ripple USD (RLUSD). In a significant development, the company minted a staggering amount of RLUSD, generating excitement among market participants. Although this stablecoin is aimed at institutions and awaits regulatory approval, its testing is having a notable impact on XRP.

Price Stability for XRP

Despite the recent fluctuations in open interest, XRP has managed to stabilize around the $0.6000 mark. This price point is considered a crucial support level, suggesting resilience in the market.

As of writing this article XRP was trading at  $0.59 with 6.68 dip in last 24 hours as per coinpedia markets data.image.thumb.png.b3f3c3c716806eef3313e730d76e8d98.png

Impact of Stablecoin Testing on XRP

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The extensive testing of RLUSD by Ripple has become a focal point for derivatives traders. The firm recently minted 99% of RLUSD’s total supply—approximately 800,000 tokens—within just 24 hours, which took place between September 28 and 29. This rapid minting reflects Ripple’s aggressive strategy in launching its stablecoin, which has caught the attention of the crypto community.

Supply Details

The total supply of RLUSD stands at 812,034 tokens, distributed across both the Ethereum blockchain and the XRP Ledger. The large volume minted in such a short time has led to increased activity and open interest in XRP derivatives.

Regulatory Progress

In tandem with its stablecoin initiatives, Ripple is actively working with regulators to secure necessary licenses for expanding its financial services. Recently, the company received a financial services license from the Dubai Financial Services Authority (DFSA), allowing it to operate as a licensed entity for institutions in the UAE. This move is expected to enhance the utility of the XRP Ledger and the XRP token.

Overall, Ripple’s developments in the stablecoin space and regulatory advancements are creating a buzz around XRP. As interest continues to grow, XRP holders may view these changes as a positive sign for the future. For more detailed insights and XRP price predictions be sure to check out our comprehensive analysis.

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    • Feels like a smart move to reward early adopters while stabilizing the token price, a strategy that really aligns with the community-driven ethos. Gonna check out those opportunities yah.
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