Vet, an outspoken XRPL validator, has again debunked speculations that the RLUSD could push XRP to a four-digit figure, given new developments.
The XRP community figure made the latest disclosure in a post on X amid circulations of a decentralized exchange (DEX) offer on the XRP Ledger involving an unrealistic exchange rate between XRP and the upcoming Ripple stablecoin (RLUSD).
The XRP to RLUSD Offer
For context, an address created an RLUSD DEX Offer on the XRPL on Sept. 26 at 05:57 UTC as the beta testing phase of the stablecoin project continues. However, the individual behind the transaction sought to receive more RLUSD for less XRP.
On-chain data from XRPScan confirms that the address offered 5.911 XRP for 5,911 RLUSD, essentially $5,911. For this offer to be fulfilled, whoever satisfies it would be exchanging XRP at a price of $1,000 per token.
This development could fuel the ongoing speculation that XRP might be heading toward $1,000 on account of the RLUSD launch. The Crypto Basic recently called attention to speculations from an XRP community member that XRP could hit $1 million in the unlikely event that 1 RLUSD equals 1 drop of XRP.
Vet immediately nipped growing XRP to $1,000 speculation in the bud by quickly stressing that the strange DEX Offer does not mean the RLUSD stablecoin would be pushing XRP to a four-digit figure. He noted that the transaction was merely a DEX Offer, which anyone could make on the XRPL.
Why an XRPL DEX Offer Means Little
For the uninitiated, A DEX Offer on the XRP Ledger is a request for trade where a market participant proposes to buy or sell a specific amount of one crypto asset for another one at a set exchange rate.
Any individual can place a DEX Offer on the XRPL, including extreme offers like valuing XRP at $1,000. However, for the trade to actually occur, someone else would need to willingly accept the terms, agreeing to exchange 5,911 RLUSD for only 5.911 XRP. If no one agrees, the offer remains unfulfilled.
Notably, this offer could be a speculative play or just an arbitrary price someone chose. It will sit on the order book until someone finds it valuable or the person who posted it cancels it. For such an exchange to happen, both parties need to believe in the terms.
Vet said no reasonable individual would agree to sell nearly 6,000 RLUSD, equivalent to $6,000, for 6 XRP (currently worth $3.72 against prevailing rates). The dUNL validator noted that even if someone else accepts this rate, it would only be for this offer, possibly as an effort to fuel the ongoing speculations.
He seized the opportunity to further reiterate that the RLUSD project is not yet live. For context, several bad actors have leveraged the beta testing phase to deceive unsuspecting users, claiming that the RLUSD is now live. Ripple also debunked these claims in a recent post.
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