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coinpedia 2024-12-04 02:19:20

XRP Price to Soar More? Legal Expert Breaks Down Why RLUSD Launch Will Fuel XRP Growth

The post XRP Price to Soar More? Legal Expert Breaks Down Why RLUSD Launch Will Fuel XRP Growth appeared first on Coinpedia Fintech News Ripple is preparing to launch a new stablecoin, RLUSD, which is expected to be backed by the U.S. dollar. This new token is anticipated to receive regulatory approval from the New York Department of Financial Services (NYDFS) soon. The introduction of RLUSD could give Ripple a new way to offer liquidity to its On-Demand Liquidity (ODL) partners, boosting its working capital. The stablecoin, RLUSD, is expected to play a key role in Ripple’s global payment solutions, helping improve liquidity and efficiency for partners using Ripple’s ODL service. The launch is being closely watched by the XRP Army, who are hopeful that this move will further drive the adoption of Ripple’s technology. How Will RLUSD Affect XRP’s Value? There is speculation around how the launch of RLUSD will affect the value of XRP. Pro-XRP lawyer Fred Rispoli shared his thoughts, explaining that any increase in the usage of a blockchain network can lead to an increase in the value of its native token. He pointed to the example of Bitcoin, where the network’s value is driven by its usage, scarcity, and resistance to censorship. Rispoli said that the value of a blockchain is tied to its adoption and use, not just the supply cap, noting that increased network activity generally results in higher token value. When asked for further clarification on why using the XRPL (Ripple’s ledger) would increase XRP’s value, Rispoli explained that the value of Bitcoin rises due to its use as a scarce and secure form of money. He also said that while the total supply of both Bitcoin and XRP could theoretically be changed in the future, the focus should remain on how the networks are used and the value that usage brings to the ecosystem.