Amid a general cryptocurrency market downturn, RLUSD is showing a significant increase in trading volume, with stable prices in the past 24 hours.
European Demand Fuels RLUSD Surge
The trading volume of RLUSD spiked by 327%, reaching $203.22 million. This growth was primarily driven by the Bitstamp exchange through the RLUSD/EUR and RLUSD/USD pairs. This suggests that European users play a crucial role in the current market surge. The recent halt in stablecoin minting had raised concerns and speculations about the reasons, but the current spike signals user adoption of RLUSD for cross-border transactions.
XRP Struggles Amid RLUSD Growth
Despite RLUSD's success, XRP has faced pressure and decreased by 11.04% in the last 24 hours, reaching $2.16. Analysts suggest that RLUSD is gradually gaining traction in the stablecoin market, but it still has a long way to compete with the leaders. RLUSD's market capitalization remains only $53.1 million compared to USDT's $142.23 billion and USDC's $56.54 billion.
The rise in RLUSD volume highlights the growing interest in Ripple's stablecoin amid challenges faced by XRP. Despite RLUSD's positive dynamics, it has a significant distance to cover in order to establish its place in the market.
