The Ripple USD (RLUSD) stablecoin has experienced a remarkable surge in trading volume, with an increase of over 100% in the last 24 hours. This surge can be attributed to recent developments in the Ripple ecosystem, which are expected to further enhance the adoption of the stablecoin.
According to CoinMarketCap data, the Ripple USD stablecoin has seen its volume soar by 120% in the past day, indicating growing activity surrounding the stablecoin. Despite being launched just last December, the stablecoin has already amassed a market cap of nearly $300 million. The recent surge in trading volume is largely due to Ripple’s acquisition of the prime broker Hidden Road, which is set to bolster the stablecoin’s position as an enterprise-grade USD-backed stablecoin with significant utility.
The integration of the RLUSD stablecoin into Ripple’s payment service has also contributed to the surge in trading volume. By incorporating the stablecoin into its cross-border payment service, Ripple has paved the way for increased enterprise adoption of the stablecoin. With Ripple’s payment service gaining momentum, particularly amidst the ongoing SEC lawsuit, the stablecoin is poised for continued growth in adoption and trading volume in the foreseeable future.
In addition to Ripple’s efforts, Kraken’s recent listing of the RLUSD stablecoin has further fueled the surge in trading volume. The popular crypto exchange announced earlier this month that the stablecoin is now available for trading, with deposits and withdrawals enabled. This listing provides traders with more opportunities to trade various crypto assets in their RLUSD pairs, enhancing the utility of the stablecoin.
The surge in the Ripple USD stablecoin’s volume not only bodes well for the stablecoin itself but also signals a bullish outlook for XRP. The increased capital flowing into the XRP Ledger (XRPL), which hosts the altcoin, as a result of the stablecoin’s surge is a positive indicator for XRP’s future growth and adoption. Overall, the recent developments in the Ripple ecosystem and the increasing trading volume of the RLUSD stablecoin point towards a promising future for both Ripple and XRP.
