Trading volume skyrockets to $607 million! What’s the next step for Ripple's RLUSD?

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Ripple's stablecoin RLUSD has recently attracted widespread attention, with a 24-hour trading volume surpassing $607 million, exceeding established stablecoins like PayPal's PYUSD and Circle's EURC. Despite being relatively new, RLUSD has shown exceptional market growth momentum, demonstrating significant market appeal.

Key Growth of RLUSD

According to CoinMarketCap data, RLUSD currently has a market cap of $53.1 million, with a 24-hour trading volume skyrocketing by 1566% to $607.58 million. In comparison, PayPal's PYUSD has a market cap of $491.7 million, with a 24-hour trading volume of only $19.74 million, while Circle's EURC has a market cap of $82.38 million and a 24-hour trading volume of $10.55 million.

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Can RLUSD become the next popular stablecoin?

The reasons for RLUSD's rapid growth are not entirely clear, but it has become the third largest stablecoin by trading volume, following Tether (USDT) and Circle's USDC. Ripple's CTO David Schwartz stated that RLUSD has generated significant interest, with bids reaching as high as $1,200, although there may be speculative elements in these bids. However, he assured the market that RLUSD will always maintain a 1:1 peg with the dollar, and as liquidity increases, price deviations will be corrected.

Impact on XRP

Despite RLUSD's rapid growth making it the 13th largest asset on the XRP ledger, XRP's price has not been significantly affected. According to CoinMarketCap, XRP has slightly decreased by 4.19% in the past 24 hours, currently priced at $2.34. This indicates that while RLUSD has attracted market attention, its direct impact on XRP's price remains limited.

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