XRP Ledger (XRPL) trading collapse, is RLUSD to blame?"
The #XRP #Ledger saw a large increase in AMMDeposit and AMMCreate.
This increase occurred when #Ripple Labs tested RLUSD on XRPL.
In general, XRPL demonstrates impressive cross-ecosystem partnerships that drive adoption.
CryptoQuant, a blockchain analytics platform, detected a significant spike in Automated Market Marker (AMM) liquidity on the #XRP Ledger (XRPL). This surge was particularly noticeable in the AMMDeposit and AMMCreate segments.
According to Wenri Seul, marketing manager at Catalyze Research, AMMDeposit volume increased by 62.35%. That growth went from 14,971 to 24,306.
AMMCreate also increased 143.10 percent, from 58 to 141; AMMVote and AMMWithdraw also grew 65.22 percent and 42.97 percent, respectively. Meanwhile, AMMBid, a measure of orders placed on XRPL DEX, fell by 81.82 %. This drop resulted in a decrease in value or volume from 22 to 4.
Even with such a significant drop in AMMBid, the increase in liquid deposits indicates investor confidence in the existing pool.
Among several positive sentiments in the XRPL ecosystem, Venri noted that the daily trading volume on the protocol has come close to that of major tier-1 networks. In terms of the number of accounts created, the XRP Ledger grew 10.39 percent between Sept. 15 and Oct. 15 to 18,321. However, the total number of transactions fell by 17.57% to 18.82 million.
the number of payment transactions also fell by 26.16% to 6.81 million. Meanwhile, the number of active wallets increased by 14.19% to an average of 10,887. This indicates that users continue to use the platform.
Meanwhile, such sentiment has emerged as the ecosystem prepares for the official launch of Ripple's stablecoin RLUSD, which is pegged to the US dollar. Speculation over the exact launch date of the stablecoin continues to grow.
Read us at: Compass Investments
