Whales Snap Up 30 Million XRP As Ripple Launches Its RLUSD Stablecoin
XRP whales are actively purchasing as Ripple launched its dollar-backed stablecoin, RLUSD, on multiple exchanges including Bitso and Uphold. RLUSD aims to maintain a stable value aligned with the US dollar and operates on both the Ethereum blockchain and the XRP Ledger. Following its launch, RLUSD traded at $1.50, above its intended value, due to early supply shortages, as noted by Ripple's CTO David Schwartz. XRP saw a 6% increase in value to $2.71 before retracing to $2.52. Large investors acquired 30 million XRP prior to the launch. The New York Department of Financial Services approved RLUSD, enhancing Ripple's position in cross-border payments. Ripple anticipates institutional adoption of stablecoins for global transactions starting next year.
