RLUSD Launch to Propel XRP Price Surge to $10, According to Expert Opinion
In a video commentary, renowned crypto influencer Levi highlighted the significance of the upcoming RLUSD stablecoin launch by Ripple and its potential impact on XRP. Levi expressed his belief that the combination of regulatory clarity developments and the introduction of RLUSD could drive XRP to higher price levels, potentially reaching $10 per coin.
Levi noted that recent events surrounding XRP have been remarkable, including the SEC’s opposition to its own chair, Gary Gensler, and the minting of RLUSD, both of which have significant implications for Ripple and XRP.
Although some viewers might find it perplexing to connect a stablecoin like RLUSD with XRP, Levi emphasized that the relationship between the two assets will become evident.
Levi stated that the launch of RLUSD represents one of Ripple and XRP’s most pivotal moves in recent times. He believes that it will be highly beneficial for the XRPL ecosystem, positioning XRP to achieve new price levels.
The regulatory implications were also discussed, with Levi mentioning an important SEC Congressional hearing where Rep. Patrick McHenry raised concerns about the lack of clarity in crypto regulations. This admission by SEC Commissioner Hester Peirce resonated strongly with Levi’s audience, who felt that Gensler’s career might be at risk due to the regulatory uncertainty. This sentiment was further supported by Ripple CEO Garlinghouse’s belief that Gensler may depart even if Kamala Harris is elected.
According to Levi, Ripple has capitalized on the regulatory clarity developments by progressing with RLUSD. The beta testing phase has already seen Ripple mint millions of RLUSD tokens, with their data added to CoinGecko.
One of the most exciting aspects of RLUSD, as highlighted by Levi, is its potential to tap into the burgeoning stablecoin market. This market currently holds hundreds of billions of dollars, and Levi believes that RLUSD can capture a share of this market. This would significantly increase trading volume on the XRP Ledger, making it more attractive for DeFi applications.
Levi emphasized that the introduction of RLUSD as a Ripple-backed stablecoin will enhance XRP’s visibility and attract institutional players. Previously, Ripple’s institutional partners were restricted to using stablecoins like USDT and USDC due to legal limitations on XRP. With RLUSD, institutions can now utilize a stablecoin built on Ripple’s own infrastructure, directing more volume and liquidity through the XRP Ledger. Levi predicts that this transition could result in billions of dollars of daily trading volume, directly benefiting XRP.
In terms of price projection, Levi forecasts that the surge in XRP Ledger activity, potentially driven by RLUSD, can propel XRP to $10 per coin. He believes that the introduction of RLUSD will expand XRP’s use cases, from payment services to liquidity solutions for smaller market cap cryptocurrencies.
Monica Long, President of Ripple, has emphasized that while RLUSD and XRP serve different purposes in the payment ecosystem, both assets will complement each other, bringing more volume to the XRPL. Additionally, Ripple’s CTO has reassured the community that RLUSD will not replace XRP.
While Levi remains optimistic about XRP’s future, he also suggests that a market correction may be on the horizon. He observes that the market has experienced substantial gains, and signs indicate a potential pullback. Nonetheless, Levi maintains a positive outlook for XRP in the long term.