Ripple has minted another batch of RLUSD as XRP stages a sharp rally, with the token gaining nearly 19% over the past 24 hours and briefly climbing to $1.24.
The latest RLUSD activity comes as Ripple’s stablecoin sees a flurry of new issuance and redemptions.
Ripple mints more RLUSD
Ripple minted 900,000 RLUSD in a transaction recorded on the XRP Ledger on Aug. 20, according to the transaction data shown by XRPScan.
The latest issuance followed several larger RLUSD transactions tracked by the Ripple Stablecoin Tracker.
The tracker reported 20 million RLUSD minted at the treasury three hours earlier, while two additional 10 million RLUSD mints were recorded about 11 hours earlier.
Another 12 million RLUSD was minted roughly 19 hours ago, followed by a 32 million RLUSD issuance about 23 hours ago.
At the same time, RLUSD has also seen substantial burns. The tracker reported 15.4 million RLUSD burned at the treasury about an hour ago, following a 20 million RLUSD burn on Ethereum roughly three hours earlier.
Taken together, the reported activity points to significant turnover in RLUSD supply rather than a simple one-way expansion.
The latest minting and burning transactions show Ripple continuing to actively manage the stablecoin's supply.
XRP price spikes nearly 19%
XRP has delivered an even more dramatic move over the same period. The token was trading at around $1.22 at the time of writing, up 18.8% over 24 hours, according to the supplied market data.
XRP climbed from a 24-hour low of about $1.03 to as high as $1.24, marking a move of roughly 20% from the session's bottom. The token was also up 21.2% over seven days, while its 30-day gain stood at 16.5%.
U.Today Editorial Team
Dan Burgin
