Amelie (@_Crypto_Barbie), a prominent crypto figure on X, recently flagged a glitch involving RLUSD, RIpple’s upcoming stablecoin. Stablecoins are typically valued at $1, but RLUSD briefly appeared on CoinMarketCap with an astronomical price of $765,311,636,610.
Stablecoins like RLUSD are designed to maintain a fixed value relative to a stable asset, in this case, the U.S. dollar. They are commonly used within the crypto ecosystem for trading and hedging against the volatility of other cryptocurrencies. Because RLUSD is pegged to the US dollar, it is not expected to deviate significantly from $1 under normal circumstances.
The glitch was purely an error in the display of the asset’s price and does not reflect any real change in the market value of RLUSD. A similar issue has occurred before on CoinMarketCap and other platforms that track cryptocurrency prices, where a system malfunction or data feed issue can cause brief, incorrect price displays.
XRP experienced a similar glitch months ago, showing a price of $9,557,352, while the digital asset’s real price hovered around $0.5. Notably, RLUSD’s 24-hour price change showed 0.0%, meaning its actual price did not change during that period.
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XRP Army Responds to Price Glitch
Responses from the community were mixed. While some users expressed excitement or concern about the implications of the glitch, others remained skeptical, questioning the significance of such anomalies. One user noted that the glitch revealed a market with “$0 liquidity,” which is not uncommon observation during such errors, as no real trades are taking place at the displayed price.
Others pointed out the intrinsic nature of RLUSD as a stablecoin, emphasizing that its price would be $1 and people should not expect price surges from it. As a result, many dismissed the glitch as inconsequential.
Updates on RLUSD
The RLUSD price glitch was a technical error that does not reflect the real value of the stablecoin, but the community has reasons for excitement, as the stablecoin is close to its official launch. After weeks of minting small amounts, Ripple recently minted over 40 million RLUSD within 24 hours.
The community expects RLUSD’s launch to boost XRP, as the stablecoin will increase trading activity on the XRP Ledger (XRPL), increasing XRP’s use as a bridge asset and burning more XRP in transaction fees.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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