Saad Ullah
Ripple's RLUSD stablecoin sees massive trading spike, pushing XRP just 10% away from its 2018 all-time high as volume surges across the ecosystem.
Ripple's RLUSD stablecoin just had a massive day, with trading volume shooting up 127% in the last 24 hours. We're talking about over $2.41 billion in trading activity according to CoinMarketCap, which shows just how much demand there is right now for crypto assets.
This surge comes at a perfect time for XRP, which has been on an absolute tear lately. The token jumped 31% over the past week and is currently trading at $3.47 - that's a 6.32% gain just in the last day. What's really exciting is that XRP is now sitting less than 10% away from its all-time high of $3.84 from back in 2018. Trading volume tells the same story, exploding by 77.51% to hit $23.14 billion.
XRP Price Benefits from RLUSD Network Activity
Here's where things get interesting - RLUSD runs on the XRP Ledger, which means every transaction needs XRP to pay fees. Those fees get burned, removing XRP from circulation. So when RLUSD volume goes crazy like this, it creates more demand for XRP while reducing supply. It's a win-win situation that could keep pushing the price higher.
The $2.41 billion in RLUSD volume isn't just a one-day thing either. This kind of activity suggests real utility and adoption, which is exactly what XRP needs to break through that $3.84 resistance level.
Analyst Eyes $6.90 XRP Price Target
Market analyst DonAlt, who's known for calling reversals before they happen, thinks XRP could hit $6.90 if it breaks out of its current pattern. That's nearly double where it's trading now. But he's also warning that the higher XRP goes, the more likely it is to see sharp pullbacks.
DonAlt's take is that XRP looks ready to breakout based on last week's performance, but traders need to stay alert. The crypto market can turn on a dime, especially when assets are making big moves like this.
With RLUSD volume exploding and XRP knocking on the door of new highs, the next few weeks could be crucial for determining whether this rally has legs or if we're due for a correction.
Saad Ullah
