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Ripple USD stablecoin (RLUSD) has continued to gain traction on the cryptocurrency market. In the last 24 hours, RLUSD spiked by 135.28% in volume to $207.51 million as traders actively engaged the stablecoin in different transactions.
Ripple USD gains ground in race for top 50
CoinMarketCap data indicates that this surge has placed Ripple's USD stablecoin in a key position to climb into the top 50 list of crypto assets by market capitalization. RLUSD currently has a market cap of $1.34 billion and sits in 52nd place.
The stablecoin is just $10 million away from flipping KuCoin Token and $60 million behind MX Finance, which occupies 50th place. With KuCoin and MYX Finance both experiencing volatility concerns on the market, Ripple USD stablecoin has the potential to flip these two assets.
Notably, both MYX Finance and KuCoin have extended their weekly loss by 4.07% and 4.83%, respectively. If this downward momentum continues amid RLUSD’s surging volume, an upset looks likely.
However, the current crypto market outlook could pose a significant challenge to Ripple USD stablecoin’s push for a top 50 spot. In the last 24 hours, the broader crypto market has plunged by 5.28%. This suggests that the general market outlook is bearish, and investors might exercise caution in investing or buying crypto assets.
It is worth mentioning, though, that some bold investors see a declining crypto market as a buy opportunity to increase their portfolio. They consider the decline an opportunity to buy the dip with the anticipation that the market would recover, and they would profit from the difference.
This sentiment might account for the spike in Ripple USD stablecoin’s volume within the last 24 hours. Given RLUSD’s growing adoption, the asset could leverage it to soar in the rankings in the next couple of days.
Can RLUSD’s wider appeal support its top 50 push?
Before this volume surge, Ripple had minted 10 million RLUSD on the XRP Ledger. The fresh minting was likely in preparation for increased demand for the stablecoin by investors.
Its appeal to institutional entities and utility in cross-border settlements had necessitated the minting.
It also coincided with its listing on the world’s largest crypto exchange, Binance. The listing, which was widely applauded by market participants, means RLUSD has a wider reach to investors seeking access to the stablecoin — a development that could further support its push into the top 50 list.
Gamza Khanzadaev
Godfrey Benjamin
Arman Shirinyan
Yuri Molchan