Ripple’s RLUSD: A Regulated Stablecoin’s Remarkable Growth
The regulated stablecoin by Ripple, known as Ripple USD (RLUSD), has achieved a significant milestone by reaching a total supply of $120 million. This remarkable growth has been highlighted by community analyst Maartunn from CryptoQuant, who regards it as a noteworthy achievement in the digital currency landscape.
RLUSD’s Increasing Popularity on the XRP Ledger
Ripple’s RLUSD has reached a total supply of $120 million, demonstrating considerable growth. The XRP Ledger (XRPL) currently holds approximately 37.4 million RLUSD, surpassing Ethereum, where growth has decelerated, maintaining its supply below 83.3 million RLUSD. Maartunn’s analysis emphasizes this trend, suggesting that the lower transaction fees associated with the XRP Ledger have contributed to RLUSD’s increased momentum.
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Initially, RLUSD experienced rapid growth on Ethereum. However, the momentum has shifted towards the XRP Ledger, likely due to its cost-effective transaction fees. This trend is expected to continue, especially in Europe, as MiCA regulations lead to USDT delistings, potentially accelerating RLUSD’s adoption in the region.
Recent data shared by Maartunn indicates a noticeable surge in RLUSD transactions, with the cumulative transaction count surpassing 160,000. On several days in February, daily transactions have exceeded 600, highlighting the stablecoin’s growing traction since its launch.
Regulatory Approval and Market Expansion
RLUSD’s rapid rise follows its regulated launch on December 17. With necessary approvals in place, the stablecoin has been integrated into major trading platforms, including Bitstamp, Revolut, and Zero Hash, facilitating its adoption. On February 10, Ripple minted over 1.05 million tokens, indicating a continued supply expansion.
Despite reaching a $120 million supply milestone, RLUSD still trails behind leading stablecoins. Circle’s USDC, a highly regulated stablecoin, boasts a market cap of approximately $56.5 billion, while Tether’s USDT remains the market leader with a staggering $142 billion market cap.
XRP Price Analysis: Resistance and Potential Targets
Currently, XRP is trading at $2.61. Following a breakout from a descending channel on February 12, the price rose to $2.83 but failed to close above the 0.618 Fibonacci retracement level at $2.77, which serves as a key resistance point. The primary support level is at the 0.5 Fib retracement level, around $2.58. If XRP successfully breaks above $2.77, potential targets include $3.05 (the 0.786 Fib) and $3.40 (the January high).
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