- Ripple’s XRP has gained 4% for the day, with some experts predicting that it will surge 35% before the end of the week to trade at $0.7814 on Apr 7, its highest price since July last year.
- Meanwhile, Ripple has announced plans to launch a stablecoin on the XRP Ledger, and Ethereum pegged to the USD, opening up the XRPL ecosystem to billions of dollars in interconnected value with other networks.
Ripple’s XRP is set to spike as the weekend approaches, experts from Changelly have predicted. This comes as Ripple has announced the impending launch of a US dollar-pegged stablecoin on the XRP Ledger and the Ethereum network.
XRP trades at $0.6037 at press time, gaining 4.12% over the past day amid a 35% surge in trading volume.
XRP hasn’t impressed in the past week, where it has lost 4.7% and dipped to its lowest point over the past month at $0.5643. This year, its highest price was $0.7345 on Mar 11. And while some are concerned that the upcoming trial with the SEC could deal a big blow to XRP, experts at Changelly believe it will surge towards the end of the week.
Changelly predicts that XRP will surge 7.8% on Apr 5 before spiking 27% a day later to hit $0.73. On Sunday, Changelly expects the token to hit a new yearly high at $0.7814, a 35% rise from its current price.
Incidentally, this will be XRP’s highest price this month, with the trading platform expecting the token to lose momentum and start on a downtrend that will see it end the month at $0.631.
Ripple to Launch Stablecoin—Will It Boost XRP?
Ripple has announced the impending launch of a new stablecoin on the XRP Ledger as it seeks to take advantage of the popularity of stablecoins, which today account for around $150 billion. Additionally, they account for a significant portion of the crypto trading volume; of the top five traded coins, three (USDT, USDC and FDUSD) are stablecoins.
1/ The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There’s a clear demand for trust, stability, and utility.
That’s why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.…
— Ripple (@Ripple) April 4, 2024
Ripple says the new stablecoin will be backed 1:1 by US dollar deposits, short-term US treasury bonds, and other cash equivalents. It will publish monthly attestations of the reserves, with the auditing to be done by a third-party accounting firm.
Initially, the stablecoin will be available on XRPL and Ethereum. However, the company plans to expand to other networks and DeFi ecosystems.
Commenting on the stablecoin, CEO Brad Garlinghouse described it as a logical and expected step for the company to take as it pursues its mission of bridging crypto with traditional finance.
He stated:
Institutions entering this space are finding success by partnering with compliant, crypto-native players and Ripple’s track record and resiliency speaks for itself, as we launch new products and acquire companies through multiple market cycles. This move is also monumental for the XRP Ledger community, driving more use cases, liquidity and opportunities for developers and users.
The issuance of the stablecoin will be a big boost for XRP, especially since it will be available across several chains in due time. This will allow XRPL users to quickly bridge their assets with other chains, seamlessly tapping into DeFi opportunities in other ecosystems.
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