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Ripple USD (RLUSD) Hits New Supply Milestone, XRP Impact
Exactly two months after its official launch, the Ripple USD (RLUSD) stablecoin has reached 120,000,000 in total supply. The token, launched on Ethereum and XRP Ledger (XRPL), has gained significant traction in such a short period, underscoring its growing adoption and utility across multiple sectors.
RLUSD Stablecoin: State of the Adoption
Blockchain analytics platform CryptoQuant shared the update on X, citing an earlier post by Researcher JA Maartunn regarding the outlook of RLUSD stablecoin.
The latter acknowledged RLUSD’s initial growth on the Ethereum blockchain around the launch. However, he noted a recent pivot as the token gained traction, favoring the XRP Ledger. RLUSD was listed recently on the high-leverage trading platform Margex, adding another achievement for the stablecoin.
Also, the NYDFS-regulated Ripple stablecoin bagged a Zero Hash listing earlier this year. It also went live to trade Revolut, further pushing it into mainstream finance. All of these integrations may have contributed to this surge in total supply.
This expansion push has contributed to the RLUSD supply boost.
RLUSD Outlook on XRP Ledger and Ethereum
Blockchain payment company Ripple commenced test minting of RLUSD on Ethereum and XRPL in August, about four months before the stablecoin launched. Per the recent update, the stablecoin has started gaining traction on the XRPL because of the lower transaction fees that apply to the network.
As it stands, XRPL holds around 37.4 million RLUSD and has now overtaken Ethereum in terms of growth rate. The supply of the RLUSD stablecoin on the Ethereum protocol is now below 83.3 million RLUSD. Generally, the current total supply of $120 million worth of RLUSD is a milestone for the stablecoin and the broader Ripple ecosystem.
The narrative around RLUSD on XRP Ledger stands out partly because of the tokenization link. Over the past few months, Ripple Labs has inked some partnerships to drive its Real-World Assets (RWA) tokenization agenda.
XRP Price and Whale Boost
The increased traction of RLUSD on the XRPL ecosystem has helped sustain the price of XRP, drawing on its usage and liquidity.
At the time of this writing, the altcoin traded at $2.64 after losing 3% of its gains in the last 24 hours. The new development in the stablecoin ecosystem may turbocharge its long-term price rally.
In an earlier XRP price analysis, the prospects of the coin hitting $250 came to the fore, fueled by Ripple whales’ accumulation. In the analysis, the XRP Captain took to X to advise market participants to prepare for the “space journey largest breakout in history.”
He predicted from now to 2026 as the timeframe for this bullish rally.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
Michael Saylor Hints At Another MicroStrategy Bitcoin Purchase, BTC Price To Rally?
MicroStrategy is lacing up for a potential Bitcoin purchase after Michael Saylor flashed the tell-tale buy signal. The incoming purchase will be the company’s first in Q2 after pausing Bitcoin purchases at the start of April in an eyebrow-raising move.
Michael Saylor Flashes Bitcoin Buy Signal
MicroStrategy CEO Michael Saylor has dropped clues that the software company will continue its Bitcoin accumulation spree. In an X post, Saylor shared MicroStrategy’s portfolio tracker revealing the company’s Bitcoin holdings and valuations.
Michael Saylor’s previous posts sharing Microstrategy’s portfolio tracker over the weekend have resulted in purchases at the start of the week. Investors are lapping up Saylor’s portfolio tracker post and the accompanying caption as cues for a BTC purchase on Monday.
“No tariffs on Orange Dots,” said Saylor, taking a jibe at brewing tariff wars between the US and China.
MicroStrategy had previously halted its Bitcoin purchase spree at the start of April leading to a slump in MSTR price. At the time, there was significant chatter that MicroStrategy may be forced to offload its Bitcoin holdings to cover obligations following a dip in prices.
Per the portfolio tracker, MicroStrategy holds 528,185 BTC on its balance sheet valued at $44.7 billion. Michael Saylor hinting at a potential Bitcoin purchase follows a small dip in prices with BTC holding the $83K mark.
Will Bitcoin Price Rally?
Saylor’s hint at buying Bitcoin has triggered a small bump in prices as the top cryptocurrency surpassed $83K. However, an actual purchase will trigger a significant price action for BTC in line with previous accumulations.
MicroStrategy’s last Bitcoin purchase of 22,048 BTC jolted the markets in line with investors’ expectations. However, there are fears that macroeconomic events like the US-China tariff war may affect a potential BTC rally following MicroStrategy’s incoming purchase.
Bitcoin price has rebounded after a previous bloodbath, sparking fresh optimism in the markets. Crypto Joao Wedson predicts that Bitcoin is not out of the woods yet and a grim drop to $65K is still a possibility for the top cryptocurrency.
“We’re not ruling out the possibility of the price dipping below $65K, as several metrics point to that region as strong support – such as the True Market Mean Price and Alpha Price, both sitting exactly around $64,700,” said Wedson.
Crypto analyst Doctor Profit warns that a BTC price drop to these levels may force MicroStrategy to sell MSTR to avoid liquidation.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The memecoin ecosystem has joined the latest revival in the broader market, with the Shiba Inu price now in the spotlight. The memecoin has reset its bearish outlook and will break crucial price milestones in the coming days.
For Shiba Inu, the death cross formation was confirmed on April 6 when the price dropped from $0.00001232 to a low of $0.00001030.
Shiba Inu Price Golden Cross Confirmed
Market data shows that the SHIB price is gradually disappearing from its earlier consolidation trend. At the time of writing, the coin’s price was changing hands for $0.00001249, up by 2.14% in 24 hours.
SHIB recovered after trading at a low price of $0.00001205 to a daily high of $0.00001265 before settling at the current level. This price boost comes as the SHIB burn rate jumped 1000% in early trading, setting the memecoin on a possible revival path.
The SHIB/USDT 4h chart confirms a golden cross pattern for the memecoin. This pattern is formed when the short-term Moving Average switches above the longer-term moving average.
Although this pattern is fully formed on the 4-hour chart, it is yet to form on the daily chart. However, with the current momentum, a confirmed breakout is possible. Already, the token has displaced Hedera and now ranks as the 17th largest cryptocurrency.
Shibarium Catalyst for Price Rebound
Different ecosystem factors can boost the price of Shiba Inu in the long term. One of these factors is closely tied to the outlook of Shibarium and its associated Layer-2 scaling solution.
As reported earlier by CoinGape, the Shibarium 200 million addresses milestone is near. If the network attains this landmark, it will show a clear sign of growing adoption, a move that might boost its token valuation.
Already, Shibarium has broken the 1 billion total transaction milestone. Should the Shiba Inu network continue to record organic growth, its chances of outranking Dogecoin is higher.
Amid the ongoing boost, the question remains how high the memecoin could soar. Drawing on this, a potential SHIB retest of its ATH of $0.00008844 is possible moving forward. While it will require as much as a 710% growth from current levels, SHIB can print this uptick, drawing on its historical trend.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The crypto market, led by Bitcoin, has rebounded following Donald Trump’s decision to exempt tech products from tariffs he has imposed on China and other countries. Market participants see this as a positive amid the ongoing trade war between the US and China.
Crypto Market Rebounds As Donald Trump Exempts Tech Products From Tariffs
The crypto market has surged following Donald Trump’s move to exempt tech products from reciprocal tariffs imposed on China and other countries. According to a CNBC report, the US president has exempted phones, computers, and chips from the new tariffs.
The Bitcoin price surged past the $85,000 market following this report, with other altcoins also recording significant gains. This development is undoubtedly bullish for the market as it reduces the severity of the tariffs that Trump imposed on almost all countries earlier this month.
Moreover, this represents a big win for the stock market, with companies like Apple the biggest beneficiaries of this exemption. As such, it is normal for the crypto market to rebound alongside, given Bitcoin’s correlation with stocks.
Meanwhile, this move could also mark the beginning of the end of the ongoing trade war between the US and China. As CoinGape reported, China yesterday announced a 125% tariff on US imports following the latter’s decision to impose 145% tariffs on Chinese goods.
Trump already mentioned that he is looking forward to making a deal with China, which is also positive for the market. Bitcoin and altcoins could witness another massive rally once that happens.
Correctional Phase Could Soon Be Over
In a recent X post, crypto analyst Kevin Capital suggested that the correctional phase could soon be over for the crypto market. He noted that this phase has so far gone according to plan. However, he warned that there is still a lot of work to be done.
The analyst believes it is important for the Bitcoin price to clear the $89,000 level before market participants start feeling good. He added that the macro side also needs to line up for things to start looking really good for the market.
The macro side looks to be progressing well as the Federal Reserve recently revealed plans to provide liquidity if necessary. Meanwhile, the latest CPI and PPI inflation data came in lower than expectations, which could also motivate the Fed to start easing monetary policies.
Crypto analyst Rekt Capital warned that Bitcoin isn’t there yet. He stated that it would be momentous to weekly close above $86,000, as this would potentially set BTC up for a repeat of a mid-2021 breakout. However, the flagship crypto is still away from the bullish weekly close of $86,811.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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