XRPL and Ethereum See Increased Activity Ahead of Ripple Stablecoin Launch
Ripple stablecoin RLUSD might be close to launching as minting activity has intensified across XRP Ledger (XRPL) and Ethereum.
Recent transactions indicate that Ripple is in the advanced stages of stablecoin testing. This has sparked excitement within the XRP community.
Many enthusiasts speculate about the impact of RLUSD's launch on the broader crypto market, especially on XRP's value.
Ripple Stablecoin Minting IntensifiesRipple has ramped up RLUSD stablecoin minting, signaling its imminent release. The surge in minting is notable on both the XRPL and Ethereum blockchains.
Recently, Ripple minted 5,515 RLUSD tokens on Ethereum, raising the total supply to 6,028.
This marked the largest batch since the project started in late August. It can indicate a crucial step in testing RLUSD's performance across these two networks.
According to Vet, a key XRPL validator, the timing and volume of these mints deviate from previous patterns.
I have been monitoring #RLUSD activity closely. The past couple mints are not following the same pattern, time and days.
Testing activity is increasing, maybe a launch on XRP Ledger and ETH is coming closer
Anyway, a mint of 589 RLUSD on the XRPL would fulfill the prophecy. https://t.co/pcwXXpHz6x
- Vet
(@Vet_X0) September 25, 2024
This suggests that Ripple is entering a more intensive testing phase, with RLUSD's launch expected soon.Data from EtherScan also showed a previous mint of 485 tokens, which occurred just before the more enormous issuance.
These developments indicate steady progress towards RLUSD's launch.
Community Speculates on XRP's PriceThe XRP community has been buzzing with speculation over the potential effects of RLUSD's launch on XRP's price.
OH MY GOD! That means XRP will be worth $10,000
BOOOOOOMhttps://t.co/5Efi65UDyB
- xoom (@Mr_Xoom) September 21, 2024
Some members discussed the possibility of Ripple XRP's price skyrocketing if a single drop is ever valued equal to one RLUSD (pegged at $1).
Drops are like the smaller unit of XRP. So, a rise in one whole XRP will attract people to use these smaller units. However, this idea originated from a satirical comment made by Vet, who critiqued the tendency to overhype regular market activities.
Meanwhile, a known community member, Crypto Tank, believes a significant rise in XRP's value could make drops widely recognized for transactions.
Ripple (XRP) Could Surge to $33 as Wave 5 Targets Massive UpsideAccording to EGRAG, a crypto analyst, Ripple XRP is currently in Wave 5 of the Elliott Wave cycle, a popular method for predicting market trends.Wave 5 often ranges between 1.236 and 1.618 times the size of Wave 4, signaling a potential price jump.
The analyst also mentioned that Wave 5 could either match the size of Wave 1 or cover 61.8% of the combined distance of Waves 1 and 3. In all cases, XRP is expected to surpass the Fibonacci 3 level, a key price indicator.
EGRAG's analysis shows that XRP could break above the $33 mark if this pattern unfolds as predicted.
EGRAG also compared Ripple XRP's current situation with Bitcoin (BTC) and Ethereum (ETH). He noted that while Bitcoin has reached Fibonacci level 3, it has struggled to maintain its momentum.
In contrast, Ethereum has surged beyond Fibonacci 3 and even reached Fib 4.272, far surpassing Bitcoin's performance.
This comparison, according to EGRAG, reinforces his optimistic outlook for XRP. He believes that XRP could exceed the $33 target and might be in the middle of a macro-Wave 5 scenario.
Beyond the $33 target, EGRAG also discussed the possibility of XRP reaching as high as $1,780.He parallels Ethereum's previous market cycle, where the altcoin exceeded expectations and soared past the Fibonacci level of 4.272 during a bull run.
XRP is hovering around $0.580, a slight daily increase of 1.2%. Hitting the huge target of $33 would require a massive rally of over 5,550%.
The post XRPL and Ethereum See Increased Activity Ahead of Ripple Stablecoin Launch appeared first on The Tech Report.