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The crypto market is facing a bearish correction as of press time, as Bitcoin (BTC), Ethereum (ETH) and XRP shed their gains. Amid the negative drawdown, Ripple Labs' stablecoin, RLUSD, is maintaining a positive outlook in terms of its volume. Per data from CoinMarketCap, RLUSD’s 24-hour trading volume has jumped by 16% to $109,000,000.
XRP and RLUSD decoupling
Despite their differences, both digital currencies operate within the same ecosystem. As a result, they have a subtle impact on each other. While XRP’s core metrics are sliding, RLUSD has managed to sustain some of its momentum over the past 24 hours.
The stablecoin market is heating up, with new rivals like Tether’s USAT now emerging. However, RLUSD is carving a unique market niche for itself as a pro-RWA tokenization stablecoin.
Irrespective of trends on the broader market, the positive decoupling might help XRP at times when altcoins are shedding gains.
As of press time, XRP was changing hands $3.028, down 3.3% in 24 hours, just hours after it printed the first golden cross this month. Although the coin is responding to general market sentiment, RLUSD's resilience shows that the liquidity needed to power the next rebound phase in its ecosystem is sustained.
New focus
On the other hand, market analysts are generally convinced that mild fluctuations are healthy for altcoin resetting. With expectations of an interest rate cut by the U.S. Federal Open Market Committee (FOMC) this week, such drawdowns are considered standard.
Depending on the outlook the Fed officials take, the market may quickly reclaim the lost valuation.
For RLUSD, the upside is massive, considering it might get some shares of a possible liquidity boom if the rate cut expectations turn out positive. A sustained buildup in tech, complemented by regular minting and burning, will help place RLUSD in the spotlight.
The next big milestone that key stakeholders are watching on the horizon now sits at the $1,000,000,000 market cap.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team