Pro-XRP lawyer Bill Morgan has raised concerns about potential fear, uncertainty, and doubt (FUD) impacting XRP price amid the Ripple’s stablecoin hype. Notably, this comes amid Ripple’s announcement of its upcoming stablecoin, RLUSD.
The unveiling by Ripple CEO Brad Garlinghouse at the XRP Ledger Community Summit in Amsterdam has sparked both excitement and speculation within the crypto community.
FUD Concerns Loom Over XRP Price
Despite the positive reception over Ripple’s stablecoin, pro-XRP lawyer Bill Morgan has issued a cautionary note. For context, Moon Lambo, a notable crypto enthusiast, praised the development on social media. Commenting on that, Bill Morgan warned that the period leading up to the RLUSD stablecoin’s launch might see an increase in FUD affecting XRP price.
“As sure as the sun rises in the morning, the FUD that the Ripple stablecoin will be bad for XRP will accelerate like crazy between now and when the stablecoin goes live,” Morgan remarked. His comments reflect concerns that misinformation and negative sentiment over the stablecoin could temporarily impact XRP market performance.
Meanwhile, Ripple’s move to introduce the RLUSD stablecoin is seen as a significant step in its mission to provide stable and reliable digital transactions. However, the anticipation of potential FUD underscores the volatility and uncertainty that often accompany major developments in the cryptocurrency space.
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Ripple’s Game Changing RLUSD Stablecoin
Ripple’s latest announcement about its RLUSD stablecoin has captured significant attention. Revealed during the XRP Ledger (XRPL) Community Summit, RLUSD aims to stabilize transactions on the XRPL by maintaining a fixed link to the U.S. dollar. Notably, this stablecoin is set to enhance the utility of the XRPL and Ethereum, providing a versatile tool for blockchain enthusiasts and financial professionals alike.
Notably, Brad Garlinghouse emphasized that the RLUSD would offer broader utility across different blockchain environments, thus strengthening Ripple’s market position. This strategic move is expected to attract a diverse user base, from blockchain enthusiasts to financial sector professionals.
Meanwhile, the announcement has been well-received by several crypto influencers. Several market watchers have also highlighted the integral role of XRP in the new stablecoin ecosystem.
Notably, as of writing, XRP price was up 1.14% and exchanged hands at $0.4866, while its trading volume fell 5.10% to $1.25 billion. Notably, the crypto has witnessed a sluggish performance recently, as evidenced by a drop of 7% over the past week.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
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