Ripple’s RLUSD Stablecoin Attracts Bids Ahead of Tuesday Release
Enthusiasts Show Interest in Holding First Batch of Token
Ripple’s upcoming RLUSD stablecoin is generating significant interest among enthusiasts, with bids reaching as high as 836 XRP on on-chain marketplaces ahead of its Tuesday release. This surge in demand is a sign of the frenzy among enthusiasts who want to be among the first to hold the token.
According to CoinDesk, these bids range from 500 XRP to as much as 836 XRP as of Asian morning hours on Tuesday. Each XRP exchanges hands for just under $2.5, data shows.
Ripple Labs CTO Comments on High-Price Bids
Ripple Labs CTO David Schwartz commented on the high-priced bids in a Monday post, stating, “There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD. Tools will show you the highest price anyone is willing to pay, even if it’s just for a tiny bit. Maybe someone wants the ‘honor’ of buying the first bit of RLUSD on the DEX.”
Schwartz also added, “But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong.”
Speculators Engage in High-Priced Transactions
Speculators often engage in high-priced transactions for small quantities of a new token or NFT to gain early access or to capitalize on the novelty of holding the first batch. This behavior is not uncommon in the cryptocurrency space, where early adopters often seek to be among the first to hold a new token or asset.
RLUSD May Not Have Enough Liquidity to Maintain Peg
As a result of the high-priced bids, RLUSD might not have enough liquidity to maintain its peg effectively in the first few hours after it goes live. This could lead to some price discrepancies from the intended $1 peg. However, each token will be redeemed for only a dollar, and it is unlikely to remain depegged for an extended period.
RLUSD Goes Live on Tuesday
RLUSD will go live on the XRP Ledger (XRP) on Tuesday, as CoinDesk reported, with initial listings on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.
Conclusion
In conclusion, Ripple’s RLUSD stablecoin is generating significant interest among enthusiasts, with bids reaching as high as 836 XRP on on-chain marketplaces ahead of its Tuesday release. While the high-priced bids may not be sustainable in the long term, they do indicate a strong demand for the token among early adopters.
FAQs
Q: What is RLUSD?
A: RLUSD is a stablecoin issued by Ripple, pegged to the US dollar.
Q: When will RLUSD go live?
A: RLUSD will go live on the XRP Ledger (XRP) on Tuesday.
Q: What exchanges will list RLUSD?
A: RLUSD will be listed on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.
Q: What is the current price of XRP?
A: The current price of XRP is just under $2.5, according to data.
Q: Will RLUSD maintain its peg?
A: RLUSD may not have enough liquidity to maintain its peg effectively in the first few hours after it goes live, but each token will be redeemed for only a dollar, and it is unlikely to remain depegged for an extended period.
