Ripple to issue stablecoin backed 100% by cash equivalents (2024)

FAQs

Ripple to issue stablecoin backed 100% by cash equivalents? ›

The crypto provider's new stablecoin will be 100% backed by USD deposits, short-term US government treasuries and other cash equivalents. Ripple says reverse assets will be audited by a third-party accounting firm, with Ripple set to publish monthly attestations.

The Ripple stablecoin is ideal for institutions that cannot yet employ digital assets but want to use XRP Ledger. The stablecoin will be a key entry point into new prospects for institutional and decentralized finance (DeFi) application cases across many ecosystems.

Ripple's new stablecoin will be issued on both the XRP Ledger and Ethereum networks at first, and the main goal is to drive more liquidity, developers, and users to XRP Ledger, which is the native blockchain of the digital asset XRP.

Crypto analyst JackTheRippler has raised the possibility of the XRP price rising to $100 soon enough. As part of his prediction, he mentioned what needs to happen for the crypto token to attain such ambitious heights.

The SEC contends that Ripple misinterprets the order and fails to accept its implications for compliance. The reply refutes Ripple's assertions about conducting sales outside the U.S. and to accredited investors, as these defenses were abandoned during summary judgment.

“Investing in XRP is risky and may not be suitable for most investors due to the high price volatility and the difficulty in predicting future trends in the cryptocurrency market,” Drozdz says. This advice highlights the need for prospective investors to consider their own risk tolerance and financial goals carefully.

"XRP" and "Ripple" are often erroneously used interchangeably. Ripple (previously Ripple Labs) is a company, and XRP is the name of the native cryptocurrency for XRP Ledger, an open-source distributed ledger run by the XRPL foundation.

The Ripple executive has pointed to various projections showing that the #stablecoin market could reach more than $3 trillion in cumulative market cap within the next five years. Ripple CEO Brad Garlinghouse makes a bold prediction: spot $XRP ETFs are coming in 2025!

Ripple's XRP-USD has achieved a significant milestone, surpassing Circle's USDC (USDC-USD) in market capitalization. Despite a minor value dip, XRP has held its position in the $0.60 value range, demonstrating resilience and instilling investor confidence.

How high can XRP realistically go? ›

David Cox, writing on the CryptoNewZ platform, anticipated that XRP could reach a high of of $1.53 by 2025, with a low of $1.06 for the same year. Another Ripple price forecast by AMBCrypto estimated the XRP price could hit a high of $2.01 in 2030, with a short term prediction of a high of $0.61 in 2024.

It is possible for XRP to reach $1,000 USD, but it is highly unlikely in the near future.

The outcome of the U.S. regulator's court case against Ripple might still have far-reaching consequences for the cryptocurrency industry. Ripple emerged somewhat victorious in this court case, and two defendants await trial and final judgments on aiding and abetting the offerings.

According to its explorer data, there are over 5 million XRP holders on Ripple and it generates approximately $16 billion monthly trading volume across all the markets. Considering this massive activity around XRP, it would be unreasonable to say that XRP is a dead cryptocurrency.

XRP is pre-mined and has a total supply of 100 billion tokens. XRP is more cost-effective, has faster transaction times, and is less energy-intensive than Bitcoin.

Unlike most cryptocurrencies, which are decentralised and therefore not run by a single entity, the cryptocurrency XRP is controlled by a company called Ripple.

Ripple uses XRP (internationally) in its Ripple Payment solutions as a bridge currency. Due to regulatory concerns, Ripple does not use XRP in its U.S.-based liquidity solution transactions, but a Ripple stablecoin is likely to be used when it is introduced.

No, Ripple does not own or control the XRP Ledger or XRP Ledger network. Ripple contributes to a reference implementation of the core XRP Ledger server ( rippled ) and employs a team of engineers who contribute to the open-source codebase.

Having analyzed XRP prices, cryptocurrency experts expect that the XRP rate might reach a maximum of $0.617 in December 2024. It might, however, drop to $0.566. For December 2024, the forecasted average of XRP is nearly $0.592.

RippleNet is a network of financial institutions that use Ripple's technology to enable cross-border transactions. XRP Ledger is a decentralized, open-source blockchain that processes and verifies transactions on the network.