Ripple’s RLUSD Skyrockets 136% In Volume as XRP Bullish Momentum Holds

As the broader cryptocurrency market witnessed a bullish rally, Ripple USD stablecoin (RLUSD) has also registered a spike in trading activities.

The upsurge aligns with the general breakout in the crypto sector as most assets experience a rally.

Ripple’s RLUSD Stablecoin Sees Spike in Adoption

According to CoinMarketCap data, RLUSD soared 136% in transaction volume within the last 24 hours.

As the asset gains traction, the development signals increased stablecoin adoption in the broader digital currency market.

The bullish breakout in the market could have triggered the spike as investors seek stablecoin to acquire more assets.

This development makes the spike in volume significant, given that RLUSD is a relatively new entrant into the stablecoin market dominated by Tether (USDT) and Circle (USDC).

However, RLUSD’s determination to make an impression in the stablecoin market is paying off, and users are embracing the token.

Gemini, the U.S.-based crypto exchange, has added RLUSD to its trading listing in a notable achievement that signals increased adoption.

Gemini’s addition of RLUSD increases its reach to users in the region. Other exchanges that have supported RLUSD i nclude MoonPay, Uphold, Bitstamp, and LMax Digital.

SEC Lowers Penalty to $50 Million

Meanwhile, XRP, another asset within the Ripple ecosystem, has also recorded significant growth in the broader crypto market.

In the last 24 hours, XRP price surged by over 5%, climbing from $2.23 to as high as $2.43 before witnessing a correction.

As of this writing, XRP was changing hands at $2.35. Within the same period, its trading volume has seen a massive 72.08% uptick to $6.91 billion.

The upward movement followed the Securities and Exchange Commission’s (SEC) agreement to reduce the fine against Ripple to $50 million.

Judge Analisa Torres had ordered Ripple to pay a $125 million fine last year. Still, under the new settlement, Ripple will get most of the money back with final filings made this week.

This signals an end to the long legal battle that began in 2020. It also confirms Ripple’s announcement in March regarding the lawsuit.

Many in the crypto space anticipated this move from the regulatory body after U.S. President Donald Trump assumed office in January.

Trump’s choice of Paul Atkins, a crypto-friendly individual, to replace Gary Gensler as the new SEC chair assured stakeholders of a shift in policy direction.

The settlement between the SEC and Ripple has now positioned XRP favorably for institutional adoption.

Notably, its exchange-traded fund (ETF) applications filed by different asset managers might receive positive attention moving forward.

Breakout Potential as XRP Eyes Higher Highs

Despite resolving the legal battle, XRP’s price remains volatile and will depend on broader market forces.

An analysis of XRP’s technical indicators shows that the coin is gearing up for a breakout that could push it to new yearly highs.

Some short-term predictions for XRP say that if the coin breaches the $2.85 resistance level, it could rise to reclaim $3.

With strong ecosystem support, the price could head for $5 if broader market conditions remain favorable.

As noted by an analyst, STEPH is CRYPTO on X, and XRP is currently flashing a buy signal.

Image Source: STEPH IS CRYPTO on X

He based his analysis on the current XRP price chart, which mirrors the asset’s upward movement in 2017.

The analyst noted that XRP exhibited the same upward trend before its explosive breakout in 2017. Drawing on this, he expressed optimism that the coin could repeat the feat this year.