Ripple’s RLUSD Achieves Major Milestone On Ethereum

Ripple’s new stablecoin, RLUSD, has reached a historic milestone by minting its first tokens on the Ethereum network. A total of 200 RLUSD tokens were successfully created on EthereumA total of 200 RLUSD tokens was successfully created on Ethereum, marking a significant milestone for both blockchain platforms.

XRPL dUNL validator Vet highlighted this development on X, sharing  a screenshot of the transaction and tweeting, “The first 200 RLUSD minted on Ethereum.”

In April, Ripple announced its plans to enter the rapidly growing stablecoin market with its US dollar-pegged currency. Stablecoins, which currently have a market value exceeding $160 billion, play a crucial role in the crypto ecosystem by enabling trading and payments on blockchain networks.

The market is currently dominated by two major stablecoins: Tether’s USDT and Circle’s USDC.

Ripple started testing its stablecoin on both the Ethereum mainnet and the XRP Ledger in early August.

RLUSD is currently in its beta phase, being tested with Ripple’s enterprise partners. This phase is crucial to ensure the stablecoin meets the highest standards of security, efficiency, and reliability before its full launch and regulatory approval.

Meanwhile, XRP is showing a downward trend. After surpassing the $0.60 mark a few days ago, XRP is now trading at $0.5994, down by 0.5% in the last 24 hours. 

Despite the recent dip, investor sentiment remains bullish, driven by expectations of significant price growth this fall. 

Historical data suggests that XRP could see substantial gains in the coming months. On average, XRP has risen by 15.3% in September over the past decade, followed by a 3.49% decline in October.

 However, November typically sees a 70.4% increase, and December has historically shown a 75.3% rise. Currently, sellers appear to be in control, but buyers might take advantage of this opportunity to push XRP back to the $0.60 level. 

This mark represents a key resistance point; a rebound here could prevent XRP from advancing toward the $1 mark in the medium term.