XRP Price Surges as RLUSD Stablecoin Outpaces PYUSD in Trading Volume
The cryptocurrency market is showing signs of recovery, and Ripple (XRP) is leading the charge. XRP’s price has climbed to a monthly high of $2.60, fueled by renewed investor interest and the growing adoption of Ripple’s USD stablecoin, RLUSD. With rising trading volumes and increasing utility, XRP is positioned for continued growth.
XRP Price Rally Gains Momentum
Ripple’s XRP has extended its recovery after bouncing off a psychological support level of $2 on December 30. The token has surged steadily, reaching its highest value in over a month.
Key factors driving XRP’s rise include:
- Increased adoption of RLUSD, Ripple’s USD-pegged stablecoin, which now holds over $72 million in assets.
- Rising trading volume for RLUSD, hitting $162 million in 24 hours, making it the sixth-most-used stablecoin according to CoinGecko.
RLUSD Outpaces PYUSD in Key Metric
Ripple’s RLUSD stablecoin is making waves in the stablecoin market, surpassing PayPal’s PYUSD in 24-hour trading volume. While PYUSD, with a market cap of $534 million, recorded a modest daily volume of $22 million, RLUSD’s $162 million volume highlights its growing traction among crypto users.
RLUSD has also outperformed other stablecoins, including:
- Justin Sun’s USDD
- Frax (FRAX)
Despite this growth, RLUSD faces competition from industry giants like Tether (USDT) and USD Coin (USDC), which recorded 24-hour trading volumes of $74 billion and $6.7 billion, respectively.
Ripple Network Sees Increased Utility
XRP’s rally is further bolstered by the rising popularity of Ripple meme coins, such as:
- Pongo
- XRP Army
- PHNIX
- Britto
These tokens have increased engagement on the Ripple network, which has faced criticism in the past for being a “ghost chain.” The combined growth of RLUSD and these new tokens is helping enhance Ripple’s ecosystem utility.
XRP and the SEC Outlook
XRP’s bullish trend coincides with rising speculation about potential regulatory changes under the upcoming Donald Trump administration. Investors are optimistic about the Securities and Exchange Commission (SEC) adopting more crypto-friendly policies, with a 58% chance of a spot XRP ETF approval in 2025, according to Polymarket predictions.
Technical Analysis: XRP Targets New Highs
XRP’s technical indicators point to sustained bullish momentum:
- Symmetrical Triangle Formation: XRP has rebounded from the lower boundary of a bullish pennant, indicating further upward potential.
- Break-and-Retest Pattern: XRP has successfully tested the key support level of $1.9660, its previous all-time high, which is a positive continuation signal.
- Moving Averages: XRP remains above all major moving averages, supporting its bullish trajectory.
The next critical resistance level for XRP is $2.9150, which could serve as a short-term target in its ongoing rally.
Conclusion: A Promising Road Ahead for XRP
As XRP continues its upward momentum, bolstered by the growth of RLUSD and rising network activity, it’s clear that Ripple is regaining its position as a major player in the crypto space. The anticipation of regulatory clarity and potential ETF approval adds further optimism for long-term growth.
For investors, XRP’s recovery and the strength of Ripple’s ecosystem present a compelling opportunity to capitalize on this resurgence.
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