Ripple (RLUSD) Stablecoin Launches With $293M Market Cap

Ripple payment has now launched its stablecoin under the name RLUSD, which is designed to simplify international transactions. The RLUSD stablecoin has been integrated into Ripple's international payment system, increasing the speed of broad adoption.

The cryptocurrency market is still recovering after a turbulent period, largely driven by macroeconomic headwinds. In December 2024, Ripple (RPL) launched its stablecoin, named RLUSD, to simplify international transactions. The move came as BKK Forex and iSend began using Ripple to improve their cross-border treasury operations.

Now, the new token has quickly grown to amass millions in market cap. However, the excitement has been dampened by the latest development in XRP’s market, paving the way for a bearish XRP price prediction.

Ripple’s RLUSD Surges Past $293M Market Cap In Months

The new coin launched in December 2024, and as of now, it has already reached $293 million in market cap. This coin is also seeing a surge in trading volume as it has now reached $ 94.39 M. Such an increase of 101.98% in 24-hour trading volume has probably been caused by Ripple’s announcement. The Ripple Senior Vice President of Stablecoins has also commented on this significant growth.

“We’re seeing the market cap continue to grow, outpacing our internal projections. RLUSD is quickly being used for various applications, including as collateral in both crypto and traditional finance trading markets.”

This unprecedented growth comes after the official X account of Ripple shared an announcement in an X post. This post mentioned that RLUSD is now live on Ripple’s payment system and also gave some statistics. It also contained a message about the nature of Stablecoins in general.

Stablecoins should be trusted, compliance-first, and built for real-world finance—RLUSD is setting the standard. Now live in Ripple Payments, RLUSD powers enterprise payments, asset tokenization & DeFi:https://t.co/kWNmSlp3O3

— Ripple (@Ripple) October 17, 2024

The launch of Ripple RLUSD also initially had a positive effect on the XRP token. Based on the XRP news, this coin first saw a 2% growth in value, however, since then, it has declined again.

XRP token is now trading at $2.07, recording a 0.5% daily and 14% weekly decrease in price. This coin has also experienced a weekly decline of $17 billion in market capitalisation, dropping to $120.08 billion. Additionally, as XRP saw substantial growth in November last year, investors still saw profits in last month’s downturn. However, now that the XRP token’s value has stabilised above $2, investors are seeing losses. Today’s drop in value is not really related to any XRP news, rather it is caused by macroeconomic factors.

Market’s Tariff Shock: $17.26M XRP Futures Liquidated

Today was the Liberation Day, as Trump named it, he has now implemented a 10% tariff on all countries. This does not include the reciprocal tariffs which the U.S. has set based on each country’s rates. As a result, the crypto market is in distress again, experiencing a 3.4% wipeout in total market cap. XRP futures have now seen $17.26 million of liquidations, with long positions seeing $10.67 million of liquidations. Short futures also saw a significant amount of liquidations, recording $6.59 million.

As the trade war escalates, the market will most likely see even more volatility. As such, the current XRP price prediction is bearish. For now, the most important support is the $2 price point, which is structural and psychological support. If the price breaks this support, the next important support level is the $1.96 level. This level is also in line with the 200-day Simple Moving Average, making it also a crucial point. If the bearish Head and Shoulders pattern proves to be correct, the value of XRP could fall to $1.35.