Bull sentiments for Ripple’s $XRP coin surged rapidly following the sudden increment in the volume of Ripple stablecoin ($RLUSD).
Ripple is a popular San Francisco headquartered blockchain firm that is popular in the non-crypto sector for its cross-border payment services backed by its $XRP Cryptocurrency. Recently Ripple secured regulatory approval for its stablecoin $RLUSD to operate business in the US jurisdiction.
In the last 24 hours, the volume of $RLUSD stablecoin surged 106%, as per data shown on the popular contracting website CoinMarketCap (CMC).
$RLUSD on fire 🔥 pic.twitter.com/U0Ry23LO2o
— Bitcoinik (@Bitcoinikdotcom) December 28, 2024
Notably, the majority of the trade volume for this stablecoin is seen for the USDC stablecoin pair, which is about 55.02%. The rest of the contribution came from BTC/RLUSD (23.15%) & XRP/RLUSD (12%) pairs trading.
Currently, this stablecoin is available on XRP Ledger (XRPL) and the Ethereum blockchain network, so it can also be used for Dapps available on the Ethereum network or cross-border payment services.Currently, the mainstream media is also covering news related to this stablecoin.
BREAKING: 🇺🇸 $RLUSD ON FOX! pic.twitter.com/yfuspJyGYf
— Good Morning Crypto (@AbsGMCrypto) December 28, 2024
This news acted as a very big catalyst for the trade price of $XRP Cryptocurrency, as every transaction of $RLUSD will take place with the use of $XRP coin directly or indirectly.
The current trade price of $XRP coin is $2.17 & this price level is 1.7% higher over the last 24 hours.
The current trade price of $XRP is $2.17 pic.twitter.com/dMdbrXIg6x
— Bitcoinik (@Bitcoinikdotcom) December 28, 2024
Cardano to partner Ripple
Recently Cardano blockchain founder Charles Hoskinson hinted that Cardano will partner with Ripple and will provide a better environment for Ripple’s stablecoin in the Cardano blockchain’s environment.
Nearly a year ago, in December 2023, Hoskinson became angry with the XRP community, overtaking his statement wrongly. At the time, he said that he would never talk about XRP Cryptocurrency, but now his changed stance is showing that his motivation for innovation is working more dominantly over his anger.
Read also: Solana Co-Founder Accused of Stealing Crypto Profits from Ex-Wife’s Solana staking wallet
