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Ripple stablecoin (RLUSD) has registered a significant rise in its volume as more investors looking to make crypto purchases are leaning toward it. RLUSD jumped by a notable 45% in the last 24 hours amid the ongoing consolidation on the market.
RLUSD sees strong uptick as investors seek stability
According to CoinMarketCap data, the increase resulted in over $113.28 million in volume for the stablecoin, which has been operating for less than five months.
The development signals that the relatively new stablecoin has continued to gain traction among market participants. This is as the broader crypto market continues to experience volatility and interest in assets to accumulate shifts among investors.
Tomiwabold OlajideGenerally, users in the digital currency space convert their fiat currency or digital coins to stablecoins to purchase or deploy an asset of interest. Hence, the uptick in RLUSD’s trading volume implies that users are comfortable with the coin’s stability and performance.
This is particularly significant considering that the stablecoin space has market leaders like Tether (USDT) and Circle (USDC) as dominant players.
Meanwhile, Ripple’s native currency, XRP, has not been able to mirror RLUSD’s performance in the last 24 hours. XRP's trading volume has plummeted by 21.16% to $4.36 billion, and its price has followed the same downward trajectory.
XRP’s attempt to rally to $2.30 faced rejection at $2.29, and the coin found it hard to reclaim this level. As of press time, XRP was changing hands at $2.14, representing a 5.45% decline within the period.
Crucial moment ahead for XRP’s price action
Despite this setback for XRP, DonAltL, an expert trader in the crypto space, remains bullish on the coin's price outlook. He maintains that XRP has the potential to post a new all-time high (ATH).
Alex DovbnyaXRP, which has emerged as one of the most resilient altcoins in the top 20, has posted a strong recovery lately. The coin recently eliminated a death cross setup to rebound and set up for a possible breakout. XRP’s ability to breach the $2.30 resistance level could signal a new direction for the coin.
Vladislav Sopov
Dan Burgin