Ripple USD (RLUSD) Trading Volume Rises 327%

Ripple USD (RLUSD) has recorded a massive 327% leap in volume despite the broader cryptocurrency market downturn. CoinMarketCap data reveals that the stablecoin has experienced relative price stability in the last 24 hours.

European Demand Fuels RLUSD Surge

Notably, the 327% surge in trading volume places RLUSD at $203.22 million. This spike in volume was largely driven by the Bitstamp exchange via the RLUSD/EUR and RLUSD/USD pairs, indicating that European users may primarily be behind the current market surge.

This development is significant as Ripple recently halted stablecoin minting for ten days, causing concerns about demand. Nevertheless, the recent trading volume spike signals active engagement in cross-border transactions using RLUSD.

In comparison, other leading stablecoins such as USDT and USDC have not registered similar volume spikes, with USDT up only 126.67% and USDC up 133.59%. This suggests users are increasingly embracing Ripple’s stablecoin.

XRP Struggles Amid RLUSD’s Growth

Analysts note that RLUSD is gradually gaining traction in the stablecoin market, though it still has much ground to cover. With a market cap of $53.1 million, RLUSD trails behind USDT and USDC, which stand at $142.23 billion and $56.54 billion respectively.

Despite the spike in RLUSD’s activity, positive sentiment has not impacted XRP, which was trading at $2.16, down 11.04% in the last 24 hours.