Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
After the successful launch of the dollar-pegged RLUSD stablecoin at the start of December, Ripple has been regularly minting millions or at least hundreds of thousands of RLUSD pretty regularly.
This week, however, on-chain data trackers have not registered any significant minting activity of Ripple Treasury — the entity in charge of creating new RLUSD coins under Ripple.
Meanwhile, traders have been actively using the 50 million RLUSD that are circulating in the market now — the trading volume is 35.66% up over the past 24 hours, according to data shared by CoinMarketCap. The stablecoin currently holds the 552 spot in terms of market capitalization size.
Ripple mints hardly any RLUSD this week
Data published by the Ripple Stablecoin Tracker account on the X social media platform shows that the last time a large amount of RLUSD was minted took place Feb. 10, and those were chunks of 625,000 and 425,000 RLUSD, which totals 1,050,000 RLUSD.
Before that was a two-day break, when 7,100,000 and 2,000,000 RLUSD were created on Feb. 8.
As of today, Feb. 15, XRPscan shows that the blockchain address called “RLUSD (Issuer)” has been minting just small amounts of RLUSD containing several thousand coins maximum.
So far, according to CoinMarketCap, there are 53.1 million RLUSD in circulation at the moment. It is likely that Ripple so far considers the already issued amount of stablecoins sufficient for now and will generate more RLUSD depending on the future market demand.
Yuri Molchan$163,660,947 in XRP on move as XRP spikes 11%
Popular crypto transaction tracker Whale Alert, which frequently informs the community of large cryptocurrency transfers and provides the details of them on its website and the X account, has reported that earlier today, whales transferred an impressive amount of XRP.
According to the tweet, roughly 18 hours ago, one anonymous wallet transferred 60,045,505 XRP to another unknown blockchain address, which is equivalent to $163,660,947 in fiat currency.
On Friday, XRP skyrocketed by almost 11% and hit the $2.82 level after the SEC acknowledged the XRP ETF application. Today, however, the third-largest cryptocurrency faced a marginal decline of 1.4% and is changing hands at $2.78.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov