AI Summary
- As Ripple gears up for the release of its XRP Ledger stablecoin, RLUSD, some centralized exchanges are displaying the wrong tokens or pre-launch price discrepancies. A few XRP Ledger wallets have been displaying incorrect token prices while exchanges such as Coinbase are dealing with multiple token variations of RLUSD.
- On Xaman XRP Ledger wallet, users are reporting that one RLUSD token is worth 509 XRP tokens ($1216), leading to bizarre conversion prices on apps.
- There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD.
- After the announcement of RLUSD and speculation on Ripple’s court case being dismissed, the XRP token surged 124% over 30 days.
As Ripple gears up for the release of its XRP Ledger stablecoin, RLUSD, some centralized exchanges are displaying the wrong tokens or pre-launch price discrepancies.
A few XRP Ledger wallets have been displaying incorrect token prices while exchanges such as Coinbase are dealing with multiple token variations of RLUSD.
As one of the most anticipated stablecoin launches in crypto history, Ripple CTO David Schwartz predicts that the token could experience significant volatility.
Ripple RLUSD in supply-demand tug or war
Ripple USD (RLUSD) has been going through some pre-launch pains as demand for the token has started causing issues on various web3 wallets and exchanges.
On Xaman XRP Ledger wallet, users are reporting that one RLUSD token is worth 509 XRP tokens ($1216), leading to bizarre conversion prices on apps.
Ripple CTO (chief technology officer), David Schwartz, responded to recent price fluctuations saying that due to high demand, supply constraints are affecting pre-market displays of the token.
According to Schwartz, some users are willing to pay a premium price for a chance at owning RLUSD before anybody else
From David Schwartz on Twitter:
“As RLUSD goes live, there may be supply shortages in the very early days before the market stabilizes. There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD. Tools will show you the highest price anyone is willing to pay”
On Coinbase, users have reported seeing RLUSD appear as an Ethereum token, while others are noticing multiple variations of the same token.
Users are advised to avoid trading any purported RLUSD tokens until Ripple officially announces the token’s release.
XRP Ledger ready for a new era
Over the past 7 days, XRP has fallen 1.2% after stalling below $2.77. After the announcement of RLUSD and speculation on Ripple’s court case being dismissed, the XRP token surged 124% over 30 days.
On XRP Ledger, the total value locked (TVL) reached a new all-time high, and volume on the network surged as new DeFi tools and users came to the network.
According to Ripple, RLUSD will play a major role in Ripple’s cross-border payment goals and interactions with institutional investors and users of RippleNet, Ripple’s bridge between decentralized finance and the traditional financial world.
