Ripple's upcoming stablecoin RLUSD is attracting bids of up to 836 XRP on onchain markets ahead of its release on Tuesday, a sign of excitement among potential enthusiasts the first to hold the mark.
These bids range from 500 XRP to as much as 836 XRP as of Asian morning hours on Tuesday, CoinDesk looked at the Xaman bid. Each XRP exchanges hands for just under $2.5, data shows.
“Of course there is someone willing to pay $1,200/RLUSDfor a small fraction of one RLUSD.,” Ripple Labs CTO David Schwartz said in a Monday post. “Tools will show you the highest price someone is willing to pay, even if it's just for a little bit. Maybe someone wants the “honor” of buying the first part of RLUSD on the DEX.”
“But rest assured that the price will be back very close to $1 as soon as the supply stops. If it doesn't, something is very wrong,” Schwartz said.
Speculators often engage in high-priced transactions for small amounts of new tokens or NFTs to get in early or to take advantage of the novelty of keeping the first batch.
Therefore, RLUSD may not have enough liquidity to effectively hold its peg in the first few hours after it goes live, meaning that there may be some price differences from $1 peg is planned. However, each token will not be redeemed for just a dollar, and it is unlikely to be damaged for long.
RLUSD will go live on the XRP Ledger (XRP) on Tuesday, as reported by CoinDesk, with initial listings on several crypto exchanges and platforms, including Uphold, MoonPay, Archax, and CoinMENA.
Source: https://www.coindesk.com/markets/2024/12/17/ripple-s-rlusd-stablecoin-attracts-frenzy-bids-for-800-xrp-ahead-of-release
