Journalist
Posted:
- XRP experienced strong growth as it rose 12.8% in seven days.
- RLUSD’s total supply has reached $120 million.
Over the past year, regulated stablecoins have become extremely popular. The newest member is Ripple’s RLUSD, which has taken the market by storm.
As such, RLUSD has experienced a sustained growth for the past months since its launch.
RLUSD supply hits $120 million
According to CryptoQuant, RLUSD has experienced exponential growth, and it has now reached a total supply of $120 million.
Source: CryptoQuant
As such, XRPL held around 37.4 million RLUSD at press time, overtaking Ethereum [ETH], keeping the total supply below 83.3 million USD.
After the launch of the stablecoin, it saw a parabolic growth on Ethereum, but now it has gained more traction on XRPL. This is because the XRP ledger has lower transaction fees compared to Ethereum.
Significantly, this growth in RLUSD supply is a huge milestone for the regulated stablecoins. Equally, it shows the continued for the crypto community and the growing adoption of Ripple’s XRP.
What it means for XRPL
The continued growth is even more significant for Ripple’s native token XRP.
With XRPL’s RLUSD holdings seeing a sustained growth, it shows how the two are intertwined, and when RLUSD grows, it positions XRP for better performance and growth.
Source: CryptoQuant
This growing XRP adoption was further evidenced by the total addresses, which have continued to rise. In fact, over the past month, XRP’s total addresses have grown by 300k from 6.3 million to 6.6 million.
So, adoption of XRP has continued to grow, which is crucial for its price growth.
Source: CryptoQuant
Additionally, XRPL’s DEX liquidity has surged to hit a monthly high of 24.2 billion. Such strong growth shows increased participation with more users providing liquidity, which reflects a growing interest in the XRP Ledger.
With rising adoption, XRPL’s network appeared to be experiencing market favorability, thus providing room for growth for XRP and RLUSD.
Simply put, XRPL is experiencing strong favorability, as evidenced by the continued growth of RLUSD. This growth has positively impacted XRP, which has surged in adoption and market participation.
With favorable market conditions, XRP is well positioned to reclaim $3.0 resistance. Equally, a high demand for XRP will see RLUSD further grow and vice versa.
