$1,200 RLUSD? Ripple CTO Warns XRP Holders Amid Sky-High Stablecoin Price Mystery

Ripple’s RLUSD stablecoin is making waves with a $1,200 wallet listing, stirring excitement and caution in the XRP community. Ripple CTO David Schwartz explains the surge, advising holders to stay grounded ahead of the stablecoin’s official debut.

RLUSD Stablecoin Sparks Controversy Over $1,200 Price Listing

The new RLUSD stablecoin may have limited supply, according to David Schwartz, chief technical officer of the San Francisco-based blockchain company Ripple, who has warned the XRP community.

This follows the announcement by Xamax, a widely used XRP wallet, that XRP is now listed at an exorbitant $1,200.

According to Schwartz, someone is prepared to pay an astronomical sum for a minuscule fraction of a single token. Someone is likely hoping to be the first to buy RLUSD, as he has described.

Schwartz has promised the community that stablecoin's price will level off soon after the introduction. "If it doesn't, something is very seriously wrong," he pointed out.

Ripple CTO Warns Against Speculative Buying Amid RLUSD Hype

Also, the Ripple executive has warned that the much-touted stablecoin is not a chance to get rich quick, so you shouldn't FOMO into it. After the stablecoin launches, its price will immediately stabilize, according to Schwartz.

"Short-term changes in prices due to shortages of supply or demand are certainly possible, especially around launch, but they shouldn't remain for very long as arbitragers rapidly fix the market," according to him.

There has been recent approval of the stablecoin by the New York State Department of Financial Services (NYDFS), according to U.Today. But the stablecoin still doesn't show as among the greenlisted coins on the NYDFS website.

Regulatory Approval Bolsters Ripple’s RLUSD Launch Plans

In the not too distant future, it is anticipated that the stablecoin will be officially introduced to the market after receiving a considerable boost from the regulatory authorities.

The new stablecoin product that Ripple is making available was previously revealed by the business in the month of April.

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