Ripple $2.2RLUSD, ‘s stablecoin pegged to the US dollar, increased by 106 percent in transaction volume in the last 24 hours. According to CoinMarketCap data, transaction volume reached $39 million. This increase revealed the interest in RLUSD in the market.
Market Performance of RLUSD
Most of RLUSD’s trading volume comes from the RLUSD/USDC trading pair on the Bullish exchange. This parity constitutes 55.02 percent of the total volume. BTC/RLUSD and XRP/RLUSD parities contribute 23.15 percent and 12 percent, respectively. RLUSD was launched after receiving approval from the New York Department of Financial Services and is pegged to the US dollar at a 1:1 ratio.
RLUSD’s reserves include cash deposits and commercial papers. This stablecoin is actively traded on platforms such as Uphold, MoonPay and Bitso. This asset, which offers transparency and reliability to users, is increasing its popularity in the cryptocurrency market.
What’s New on XRPL
RLUSD, Ethereum by Ripple 
$3,399.6 and was launched on the XRP Ledger (XRPL) networks. The XRPL network attracts attention with its capacity of 1,500 transactions per second and transaction completion time of 3-5 seconds. This provides performance, speed and cost advantages. Ethereum integration provides access to a wide decentralized application ecosystem.
CryptoQuant analyst Maartunn notes that activity on the XRPL network has increased significantly in recent weeks. This increase indicates that network usage is in high demand. However, DefiLlama data indicates that the total locked value (TVL) in XRPL has decreased by 20 percent since December to $58 million. This reveals that TVL is in a downward trend despite increasing transactions on the network.
This rise of RLUSD aims to further strengthen Ripple’s position in the cryptocurrency market. The stablecoin is expected to be listed on more platforms. It is predicted that the performance of RLUSD may significantly affect the market dynamics in the coming period.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
