The Ripple USD stablecoin, known as RLUSD, has experienced a remarkable surge in trading activity, with a 135.28% increase in volume over the past 24 hours, reaching $207.51 million. This uptick indicates a growing interest among traders actively utilizing the stablecoin for various transactions.
Following this volume boost, RLUSD is on the brink of entering the prestigious top 50 list of cryptocurrencies by market capitalization. Currently, RLUSD holds a market cap of $1.34 billion, placing it at the 52nd position. It is now just $10 million away from surpassing KuCoin Token and $60 million behind MYX Finance, which is currently at the 50th spot.
The potential for RLUSD to flip these two assets is heightened by the volatility concerns surrounding both KuCoin and MYX Finance, which have reported weekly losses of 4.07% and 4.83%, respectively. Should this bearish trend persist, RLUSD”s upward momentum could lead to a significant shake-up in the market rankings.
However, a broader market downturn poses a challenge for RLUSD”s aspirations. The overall cryptocurrency market has seen a decline of 5.28% in the last day, indicating a bearish sentiment among investors who may be hesitant to engage in new purchases. Nevertheless, some opportunistic investors view this market dip as a chance to acquire assets at lower prices, which could explain the recent spike in RLUSD”s volume.
Prior to this surge, Ripple had minted 10 million RLUSD on the XRP Ledger, likely in anticipation of increased demand. This strategy aligns with RLUSD”s appeal to institutional investors and its utility in cross-border transactions, emphasizing the necessity for additional supply. Furthermore, the recent listing of RLUSD on Binance, one of the largest cryptocurrency exchanges globally, has expanded its accessibility to a wider audience of investors.
With RLUSD”s growing adoption and strategic moves, it may soon leverage this momentum to secure a position within the top 50 cryptocurrencies.
