Sign Up on MEXC
Highlights
- RLUSD Trading Volume Soars 170% amidst USDT's EU regulatory woes.
- RLUSD Market Cap Hits $53 Million, with dominant trading in RLUSD/USDC pairs.
- XRP's price dips 5% while trading volume rises by 64%, hitting $4.11B.
Ripple’s RLUSD stablecoin has experienced an extraordinary 170% surge in trading volume over the past 24 hours, pushing its market cap to $53 million. This surge occurs amid growing uncertainty surrounding Tether’s USDT due to the European Union’s MiCA regulatory compliance deadline, which could potentially lead to USDT’s discontinuation in the region. RLUSD’s rise as a viable alternative makes this development particularly significant for the crypto market.
Ripple RLUSD’s Surge: Key Drivers and Implications
On December 30, Ripple RLUSD’s trading volume skyrocketed, reaching 33.67 million—a 170% increase in just 24 hours. This surge can be traced to the following key factors:
1) USDT’s Regulatory Challenges in Europe
With Tether’s USDT facing compliance issues under MiCA regulations, it risks delisting from European exchanges. This scenario has created an opportunity for RLUSD to emerge as a compliant and stable alternative, filling the potential void left by USDT.
2) Integration and Adoption of Ripple RLUSD
Ripple RLUSD’s launch and integration into various financial platforms, including Ripple’s ecosystem, is driving its adoption. Its use in practical applications like On-Demand Liquidity services has naturally boosted trading volumes as institutions and users embrace its utility. This is particularly relevant after the regulatory approval from bodies like NYDFS, which might have spurred confidence in the stablecoin.
3) RLUSD’s Stability and Market Appeal
RLUSD’s 1:1 peg to the US Dollar offers a secure option for both retail and institutional investors during market volatility. Its growing utility is evident in its widespread adoption across trading pairs.
Among the notable trading pairs, RLUSD/USDC led with $21 million in volume, followed by ETH/RLUSD at $7.01 million and BTC/RLUSD at $3.3 million on the Bullish Exchange. These figures reflect RLUSD’s growing adoption across diverse platforms, cementing its role as a reliable stablecoin in the evolving crypto landscape.
Ripple’s strategic positioning amid these regulatory shifts in Europe highlights the increasing relevance of RLUSD. Its rise not only boosts trust and usage among traders but could also reshape stablecoin dynamics in global trade and finance.
On the other hand, the growing optimism over a potential conclusion in the Ripple Vs SEC case ahead has further fueled optimism. Simultaneously, Donald Trump’s election win and his pledge to make the US the crypto capital have boosted market sentiment, especially towards cryptocurrencies issued by US-based firms like Ripple.
XRP’s Market Reaction to RLUSD Surge
While RLUSD volume surged, Ripple’s native token, XRP, followed a different path. Over the last 24 hours, XRP price experienced a 5% price drop, trading at $2.08, amid a broader crypto market downturn. However, its trading volume surged by 64%, reaching $4.11 billion, with a market cap of $119 billion. XRP’s daily trading range of $2.05 to $2.196 highlights substantial market activity despite the price dip.
Prominent crypto analyst Egrag Crypto remains bullish on XRP, predicting a potential rally to $6 within 90 days. The analyst credits this outlook to RLUSD’s integration into the XRP Ledger, enhancing liquidity and utility for XRP. This growing synergy between RLUSD and XRP could drive further market interest and investment in Ripple’s ecosystem in the coming months.
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- Avalanche Seeks $1B to Launch Treasury-Focused AVAX Firms in U.S.
- Dogecoin Leads Crypto Market Rally, Expert Sees $0.50 Target on DOGE ETF Launch
- Ethereum News: Latest On-chain Activity Hints Massive ETH Purchase by Bitmine (BMNR) and SharpLink (SBET)
- AVAX Price Eyes $55 as Avalanche $1B Treasury Boost Gains Momentum
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
