The new Ripple stablecoin’s market cap has grown fivefold in less than a month as the company has secured key exchange listings.
Data from CoinMarketCap indicates that nearly $300 million worth of Ripple USD (RLUSD) is circulating.
This Ripple-native stablecoin was launched in December last year as part of an effort to strengthen the blockchain’s ecosystem by facilitating dollar-pegged payments.
Ripple USD fits perfectly into the company’s ambitious mission of becoming the world’s leading cross-border payments platform.
Yesterday, the stablecoin was listed by Kraken, a large crypto exchange with over 13 million registered users and daily trading volumes of $1.6 billion.
Despite this bullish announcement, the market sold off yesterday after President Donald Trump announced new retaliatory tariffs on multiple countries including China.
Market participants are concerned that this measure could result in higher inflation in the near term for the United States. In addition, analysts believe that the Federal Reserve could opt not to lower interest rates two times this year as they initially planned.
Lower rates typically increase the valuation of digital assets as market liquidity increases and sentiment improves.
Ripple (XRP) Trading Volumes Doubled in the Past 24 Hours
XRP trading volumes in the past 24 hours have doubled and currently sit at $7 billion. During Trump’s speech, the price spiked briefly as traders tried to find liquidity to support an upcoming decline.
As long positions were progressively opened, the trend reversed and prices plummeted shortly after the President finished his announcement.
Despite this drop, a bullish flag pattern in the daily chart is still in play. If XRP recovers in days to come, the long-term outlook for the token will still be bullish.
The $1.7 – $1.8 area is a critical one to watch as it has acted as support multiple times in the past. If bulls lose this relevant threshold, the odds of a significant pullback will rise dramatically for XRP.
If you’re considering using the current market dip as an opportunity to buy Ripple, Bitcoin, or other favorite cryptocurrencies, it’s worth ensuring you have a reliable way to store them.
Best Wallet is emerging as a strong option, with its recent presale drawing notable interest.
Best Wallet (BEST) Raises $11M to Launch its Powerful Crypto Wallet
Best Wallet (BEST) is one of the hottest crypto presales of the year as it has raised $11.5 million since December.
Users can securely store their digital assets across 60 supported blockchains within Best Wallet, while also gaining opportunities to invest and earn as the ecosystem evolves.
Following the presale, the team plans to roll out a decentralized exchange and a crypto-enabled debit card, allowing users to seamlessly buy, sell, and swap tokens.
$BEST, the platform’s native token, will power transactions and fee payments across the ecosystem. As adoption grows, demand for this utility token is expected to increase significantly.
To buy $BEST, simply visit the Best Wallet website and connect your wallet. If don’t have a crypto wallet, you can download the Best Wallet app.
You can swap ETH or USDT for this token at its presale price of $0.024575 or use a bank card to complete the transaction.
The post Is Ripple Building the Next USDT? RLUSD Stablecoin Quietly Nears $250M appeared first on Cryptonews.
