Vet, an outspoken XRPL validator, has once again dismissed speculation that RLUSD could push XRP into the four-digit range given new developments.
XRP community figure makes latest disclosure in post on X amid circulation decentralized exchange (DEX) on the XRP Ledger, suggesting an unrealistic exchange rate between XRP and the upcoming Ripple stablecoin (RLUSD).
XRP to RLUSD supply
For context, the address created the RLUSD DEX offering on XRPL on September 26 at 05:57 UTC as the beta testing phase of the stablecoin project continues. However, the person behind the transaction was aiming to get more RLUSD for less XRP.
On-chain data from XRPScan confirms that the address was offering 5,911 XRP for 5,911 RLUSD, which is essentially $5,911 USD. For this offer to be fulfilled, whoever meets it will exchange XRP at a price of $1,000 per token.
This development could fuel ongoing rumors that XRP could approach the $1,000 mark due to the launch of RLUSD. Crypto basic recently attracted attention to speculation by a member of the XRP community that XRP could reach $1 million in the unlikely event that 1 RLUSD equals 1 drop in XRP.
Vet immediately nipped the growth of XRP speculation to $1000 in the bud. emphasizing that the strange DEX proposal does not mean that the RLUSD stablecoin will push XRP into four figures. He noted that the transaction was simply a DEX offer that anyone could make on XRPL.
Why the XRPL DEX Offer Means Little
For the uninitiated, a DEX offer on the XRP Ledger is a trade request where a market participant offers to buy or sell a certain amount of one crypto asset for another at a set exchange rate.
Any individual can place a DEX offer on XRPLincluding extreme proposals such as XRP’s $1,000 valuation. However, for the trade to actually go through, someone else would have to voluntarily accept the terms, agreeing to exchange 5,911 RLUSD for just 5,911 XRP. If no one agrees, the proposal remains unfulfilled.
Notably, this offer could be a speculative play or simply an arbitrary price that someone chose. It will remain in the order book until someone finds it valuable or the person who posted it cancels it. For such an exchange to take place, both parties must believe in the terms.
Vet said that no reasonable person would agree to sell almost 6,000 RLUSD, equivalent to 6,000 US dollars, for 6 XRP (currently worth $3.72 over going rates). Validator dUNL noted that even if someone else were to accept this bid, it would be only for the sake of this offer, perhaps as an attempt to fuel ongoing speculation.
He took the opportunity to reiterate that radar project not yet alive. For context, several attackers used the beta testing phase to trick unsuspecting users by claiming that RLUSD was now working. Ripple also denied these claims in a statement. recent message.
