Recent events have caused the trading volume of the Ripple RLUSD stablecoin to increase by more than 100%.
The 24-hour trading volume of the Ripple USD (RLUSD) stablecoin has increased by more than 100%. Recent changes in the Ripple ecosystem have made this possible, eventually expanding the stablecoin’s uptake.
Why the Volume of Ripple RLUSD Stablecoin Has Increased by Over 100%
According to CoinMarketCap data, the volume of the Ripple RLUSD stablecoin has increased by 120% over the past day, suggesting more activity surrounding the stablecoin. The stablecoin, which debuted in December of last year and now has a market valuation of nearly $300 million, will benefit from this development.
Recent events like Ripple’s $1.25 billion acquisition of the top broker, Hidden Road, are responsible for the recent spike in the volume of the RLUSD stablecoin.
Since the prime broker used the stablecoin as collateral for all its prime brokerage products, the crypto firm stated after the acquisition that the move would strengthen its standing as an “enterprise-grade USD-backed stablecoin with real utility.”
As a result, even though the Hidden Road deal is still pending regulatory approval, the stablecoin is already seeing increased adoption. The cryptocurrency company’s incorporation of the Ripple USD stablecoin into its payment service is another factor contributing to the spike in volume.
The Ripple Stablecoin Gains Spotlight Since SEC Lawsuit
Ripple set up the stablecoin for greater enterprise adoption by integrating it with its cross-border payment service. The stablecoin will continue to gain broader acceptance and see a significant increase in trading volume shortly due to the success of Ripple’s payment service, particularly in light of the SEC lawsuit.
Because Kraken recently listed the RLUSD stablecoin, its volume has also increased. Earlier this month, the leading cryptocurrency exchange declared that the stablecoin is now tradeable and that deposits and withdrawals are permitted. As traders move to trade multiple cryptocurrency assets in their RLUSD pair, Kraken’s listing further increases the usefulness of the stablecoin.
In the meantime, it is essential to note that the stablecoin’s rise offers XRP a bullish outlook because it shows that more money is moving to the XRP Ledger (XRPL), which is also where the altcoin is located.
