Xrp Venusbet Archives

Ripple’s RLUSD Stablecoin Attracts Frenzy Bids for 800 XRP Ahead of Release

While RLUSD’s price will always be redeemable for $1, some onchain “collectors” are likely bidding to be the first to hold the much-awaited Ripple stablecoin.

Ripple’s upcoming RLUSD stablecoin is attracting bids upto 836 XRP on onchain marketplaces ahead of its Tuesday release, a sign of frenzy among enthusiasts who may want to be the first to hold the token.

These bids range from 500 XRP to as much as 836 XRP as of Asian morning hours on Tuesday, CoinDesk viewed on the Xaman application. Each XRP exchanges hands for just under $2.5, data shows.

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“There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD.,” Ripple Labs CTO David Schwartz said in a Monday post. “Tools will show you the highest price anyone is willing to pay, even if it’s just for a tiny bit. Maybe someone wants the “honor” of buying the first bit of RLUSD on the DEX.”

“But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong,” Schwartz added.

Speculators often engage in high-priced transactions for small quantities of a new token or NFT to gain early access or to capitalize on the novelty of holding the first batch.

As such, RLUSD might not have enough liquidity to maintain its peg effectively in the first few hours after it goes live, meaning there may be some price discrepancies from the intended $1 peg. However, each token will be redeemed for only a dollar, and it is unlikely to remain depegged for an extended period.

RLUSD will go live on the XRP Ledger (XRP) on Tuesday, as CoinDesk reported, with initial listings on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.

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XRP Outperforms Bitcoin, Dogecoin Extends Slide Ahead of U.S. CPI

XRP whale exchange deposits hit a six-month high early Tuesday, indicating short-term bearish pressure.

XRP outperformed bitcoin and other major cryptocurrencies, with dogecoin (DOGE) leading losses in the past 24 hours before the release of U.S. inflation data later Wednesday.

Bitcoin (BTC) remained steady around $98,000, while ether (ETH), BNB Chain’s bnb, and Cardano’s ADA fell by as much as 2%. Memecoin DOGE dropped 4%, even as shiba inu (SHIB) and floki (FLOKI) rose 1%. The broad-based CoinDesk 20 added 0.69%.

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The U.S. Bureau of Labor Statistics is due to release November’s consumer price index (CPI) at 8:30 a.m. ET (13:30 UTC). Federal Reserve Chair Powell has said that incoming economic data will heavily influence interest-rate decisions —which may impact crypto markets in the new year. The previous month’s data showed that inflation remained a concern for the Fed.

XRP, meantime, surged as much as 7%, reversing losses since Monday, after related company Ripple Labs said it had received “final” regulatory approval to offer the RLUSD stablecoin in the U.S.

The stablecoin will be issued on both the XRP Ledger and Ethereum networks, and could be used on decentralized finance (DeFi) applications that involve XRP, boosting the ecosystem.

Before the announcement, deposits from XRP whales to exchanges hit a six-month high early Tuesday, indicating short-term bearish pressure. Over the past 30 days, more than 2.66 billion XRP tokens moved to Binance, data from CryptoQuant shows. That is the most since April 2024.

“The large inflows suggest that big XRP holders are actively transferring XRP over the network,” CryptoQuant independent analyst maartunn said in a post. “Whale deposits can often signal potential shifts in strategy, as these players have significant amounts of assets at their disposal.”

Large movements of XRP to Binance preceded price drops in November 2023 and April 2024.

A Bullish XRP Flag Emerges as $5 Call Options Heat Up: Godbole

XRP’s price pattern is teasing a major bullish pattern alongside increased activity in the $5 strike call options on Deribit

XRP is hot and it is probably setting up for another big rally. That’s the message from the price chart and options market.

The payments-focused cryptocurrency is down 10% this week. The pullback, however, has taken the shape of a bull flag. This technical analysis pattern usually slopes in the opposite direction of the preceding sharp uptrend and, more often than not, recharges bulls’ engines for further gains.

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“The breakout should be expected in the direction of the preceding trend, provided it is steep and sharp,” Charles Kirkpatrick, a chartered market technician and the president of Kirkpatrick & Company, Inc, said in the book “Technical Analysis, the Complete Resource For Finance Market Technicians.”

“Flags preceded by a rise of 90% or more have almost zero failure rate and an average return of 69%,” Kirkpatrick added.

XRP is forming a bull flag after a rally of nearly 500% to $2.9 in the four weeks to Dec. 3. An eventual breakout would mean scope for a rally to $5. The potential level is identified by adding the magnitude of the preceding uptrend to the breakout point, currently at around $2.5 in what is known as a measured height method in technical analysis terminology.

Interestingly, activity is heating up in the $5 strike call options on Deribit, offering an asymmetric upside to buyers on a potential move above that level.

The $5 call is the second-most traded XRP option of the past 24 hours, with a volume of 1.7 million contracts, according to data source Amberdata. (One contract represents 1 XRP).

Besides, Deribit data shows the $5 call is the most popular out-of-the-money or higher strike call option with a notional open interest of $1.25 million. The increased activity indicates a bullish positioning, assuming the buyers are traders, not market makers.

Still, readers might want to note that technical analysis patterns do not always work as intended, and options market positioning can flip quickly per evolving price trends. As such, tracking the broader market sentiment is pivotal.