Evernorth, a firm backed by Ripple, reports its RLUSD stablecoin has driven significant activity on the XRP Ledger, facilitating over $2.5 billion in total trading volume since its launch. Trading transactions have grown substantially. Meanwhile, XRP is trading above $1 as leveraged selling has decreased, leading to a collapse in open interest and an increase in daily active addresses. Institutional demand for XRP spot ETFs persists despite a weaker overall cryptocurrency market.
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Key Numbers
$2.5BRLUSD stablecoin trading volume on XRP Ledger
Blockchain network with increased trading activity
XRP
Cryptocurrency trading above $1 with improved network activity
XRP spot ETFs
Investment products with continued institutional demand
Key facts
Evernorth reports its RLUSD stablecoin drove over $2.5 billion in XRP Ledger trading volume.
Trading transactions on the XRP Ledger have grown substantially.
XRP is trading above $1.
Leveraged selling in XRP has subsided.
Open interest has collapsed.
Daily active addresses on the XRP network have increased.
Institutional demand for XRP spot ETFs continues.
The broader crypto market is experiencing weakness.
Evernorth, a company supported by Ripple, has announced that its RLUSD stablecoin has substantially increased activity on the XRP Ledger. Since its introduction, the stablecoin has been instrumental in facilitating over $2.5 billion in total trading volume across various RLUSD pairs. The firm noted a significant growth in trading transactions involving the stablecoin.
In parallel developments, XRP is currently trading above the $1 mark. This price stability follows a period of leveraged selling, which has now subsided, resulting in a collapse of open interest in the market. Concurrently, the number of daily active addresses on the XRP network has seen an increase, indicating improved network engagement. Despite general weakness in the broader cryptocurrency market, institutional demand for XRP spot Exchange Traded Funds (ETFs) remains a notable factor supporting the asset.
↳ Why This Matters
Evernorth, a company supported by Ripple, has announced that its RLUSD stablecoin has substantially increased activity on the XRP Ledger. Since its introduction, the stablecoin has been instrumental in facilitating over $2.5 billion in total trading volume across various RLUSD pairs. The firm noted a significant growth in trading transactions involving the stablecoin.
Frequently asked questions
RLUSD is a stablecoin developed by Evernorth, a Ripple-backed firm, designed to support and operate on the XRP Ledger.
RLUSD has significantly increased trading volume, transaction numbers, and circulating supply on the XRP Ledger, contributing to its overall economic activity.
Evernorth's report indicates that RLUSD is built to support XRP and does not function as a rival, as it operates on the XRP Ledger and utilizes XRP for transaction fees.
What Happens Next
01Evernorth will continue to monitor RLUSD's impact on the XRP Ledger.
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