- In two days, RLUSD worth $100 million was issued due to the demand of stablecoins.
- Analysts predicted that XRP would drop below $2, before recovering to a higher level.
Ripple’s stablecoin RLUSD has released $100 million within two days. This is the largest release of RLUSD in recent months. Officially, reportThis highlights the growing demand for stablecoins and its impact on Ripple’s official payment system, which was recently added. confirmed CNF, in a recent blog.
The RLUSD Issue Details
Ripple sold $50 million in RLUSD worth on April 1st. Notably, the $50 million went on to be issued again by Ripple, Wednesday April 2, 2019. Experts believe that demand will increase significantly from its current level, as more payment providers such as BKK Forex or iSend begin to use it.
The rapid adoption of the RLUSD by multiple experts has led them to compare it against established rivals like the USDT, USDC and USDC. Binance’s founder Changpeng Zhao recently explained that this could be referred to as a competition. “stablecoin war”It could be viewed as healthy.
CZ’s comment followed a post on X highlighting the RLUSD integration in Ripple’s Payment System, which could open up access to 90+ payout markets as well as establish instant connections to payment service providers and banks. The XRP ledger-based Decentralized Finance apps could benefit from its significant growth.
Experts think that RLUSD is a far cry from what was expected, as it has surpassed expectations with its $250 million market cap and trading volume of around $10 billion. XRP, on the other hand, could also benefit from this growth because of its role as a central component in the ecosystem.
XRP price analysis
As of the time this article was published, the asset had fallen to $2.0 from $2. 3% On the 24 hour price chart and 14% On the weekly chart. XRP has also seen its market capitalization fall to $118 Billion, while the 24-hour trading volume of XRP has risen by 83%.
Egrag Crypto, an analyst at Egrag Crypto, has revealed the sentiment of XRP for the month of April. “boredom phase.” According to him, XRP may experience an additional decline to $1.90–$1.79. This is not a problem. “short-lived wick.” From this level, XRP may stage a rebound to $2.80–$3.00 before the end of the month. Egrag Crypto suggests that at this point, investors should build up mental toughness and accumulate only.
You should only buy when you have the money. Otherwise, sit back and relax. You think XRP is going to change the world? […] Now we are in a period where only those with a strong mentality will be able to survive.
As a result, another analyst named DefendDark revealed that XRP might soon reach the $5-$8 price range. As explained In our previous analysis, he pointed out that XRP was moving into the Elliott Wave Structure’s third wave where a big movement is anticipated to start. Our analysis shows that market sentiment is currently negative as the XRP Search Trend plummets. recent analysis.
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Source: www.crypto-news-flash.com
