Minting Activity Soars: What Ripple’s RLUSD Stablecoin Means for XRP

Join us on :

Ripple is moving closer to launching its RLUSD stablecoin, with minting activities on the XRP Ledger (XRPL) and Ethereum accelerating. These recent developments suggest significant progress in the testing phase of the RLUSD stablecoin.

Increased Minting Signals Progress

A notable uptick in minting activity points to Ripple’s serious preparation for the stablecoin’s debut. Vet, a well-known XRPL validator, recently highlighted the unusual volume and timing of these mints. The deviation from previous patterns indicates that Ripple has intensified testing, signaling an imminent launch.

💵💵💵💵💵 5,515 #RLUSD minted at RLUSD Treasury.https://t.co/RmQ34xbSYg
— Ripple Stablecoin Tracker (@RL_Tracker) September 25, 2024

The most significant mint occurred on the Ethereum blockchain on September 25. Ripple minted 5,515 RLUSD tokens, raising the total circulating supply to 6,028 tokens. This batch represents the largest issuance since the project began in late August. Ripple aims to evaluate RLUSD’s performance across both Ethereum and the XRPL networks. EtherScan data also shows an earlier mint of 485 tokens before this more substantial issuance.

XRP Community Speculates on Price Surge

As the RLUSD launch nears, speculation grows within the XRP community regarding its potential impact on XRP’s price. Some community members have speculated that if one drop of XRP were to equal one RLUSD, XRP’s price could soar dramatically. Currently, a single XRP token is worth $0.5854, far below the $1 mark it last reached in November 2021.

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

Vet, the XRPL validator, drew attention with satirical comments about these speculations. He critiqued the tendency to exaggerate routine developments in the crypto space. Despite RLUSD being pegged to the US dollar at $1, Vet’s remarks sparked discussions about XRP’s future value.

Future Outlook for RLUSD and XRP

We're on Twitter, follow us to connect with us: @Cryptoboom
— Cryptoboom (@Cryptoboom29884) April 15, 2024

XRP enthusiasts are optimistic about the future. Some suggest that if XRP’s value rises, drops could become a more common unit in transactions. As Ripple continues testing and refining the RLUSD stablecoin, the XRP community remains alert, anticipating further developments that could impact XRP’s price in the long run.