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Ripple USD stablecoin (RLUSD) has seen its volume surge by a massive 127% in the last 24 hours. According to CoinMarketCap data, this represents over $2.41 billion in fiat currency. It is a development that suggests increased activity in the crypto and stablecoin space.
RLUSD volume explodes amid demand blowout
Notably, the surge in RLUSD volume indicates increased demand from investors seeking to acquire various crypto assets. This may have been triggered by the ongoing altcoin bull rally, which has led to a price uptick for many projects.
Interestingly, Ripple’s native currency, XRP, has registered massive price gains amid the rally. XRP has climbed by over 31% in the last seven days of trading amid the crypto market blowout. As of press time, the XRP price was trading at $3.47, representing a 6.32% increase in the previous 24 hours.
The coin is less than 10% away from reaching its all-time high (ATH) of $3.84, which it set in 2018. With trading volume up by a massive 77.51% at $23.14 billion, ecosystem investors are eagerly anticipating a further rally.
The surge in Ripple USD stablecoin’s volume could also impact the price outlook of XRP. RLUSD operates on the XRP Ledger, which requires XRP to pay for transaction fees, which are subsequently burned. As RLUSD volume increases, it could translate to more demand for XRP, driving up its price.
Analyst predicts $6.90 target for XRP
Meanwhile, as XRP continues on its upward trajectory to possibly set a new ATH, a market analyst has called for caution. DonAlt, renowned for his flair to quickly spot reversals, has said that the higher XRP price climbs, the more prone it is to sharp reversals.
Remarkably, DonAlt has predicted that XRP has the potential to hit $6.90 if it successfully clears its period of stagnation. The performance of XRP over the past week suggests the asset could be in breakout mode.
Vladislav Sopov
U.Today Editorial Team