Ripple USD (RLUSD) has quietly achieved a market cap of around $300 million. The new Ripple Stablecoin’s market cap has increased five times in less than a month as the company has safe key exchange listings.
Around $300 million worth of Ripple USD (RLUSD) is moving about, this data is shown by CoinMarketCap. In December last year, this Ripple-native stablecoin was launched as part of an attempt to improve the blockchain’s ecosystem by supporting dollar-pegged transactions.
Ripple USD matches exactly into the company’s big goal of becoming the world’s leading cross-border payments network.
Last Day, Kraken listed stablecoin RLUSD, a large crypto exchange with above 13 million account holders and daily trading volumes of $1.6 billion.
Despite this optimistic statement, the market sold off yesterday after President Donald Trump announced new tariffs on multiple countries, including China.
Market users are concerned that this measure could cause a rise in inflation in the near term for the United States. Also, experts think the Federal Reserve might decide not to cut interest rates two times this year as they first planned.
Lower rates generally raise the valuation of digital assets as market liquidity rises and market mood lifts.
Ripple (XRP) Trading Volumes Doubled in the Past 24 Hours
In the last 24 hours, XRP trading volumes have doubled and now stand at $7 billion. During Trump’s speech, the price rose quickly as traders tried to identify liquidity to support an expected drop.
As long positions were gradually opened, the trend reversed and prices dropped suddenly after the President completed his announcement.
However, this decline, an optimistic bull flag pattern in the daily chart, is yet to play. If XRP bounces back in the next few days, the long-term outlook for the token will continue to expect growth.
The $1.7 – $1.8 area is a crucial one to watch as it has behaved as support many times in the past.
If bulls lose a significant point, the odds of a significant pullback will increase sharply for XRP.
If you are thinking about buying Ripple, Bitcoin or your favourite cryptocurrencies during this market dip, then make sure you have a safe and reliable way to store them. Hardware Wallets are becoming a strong option.
Read also:- Survey Shows 42% of Brazilian Investors Have Bought Crypto
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
