Bullish sentiments for Ripple’s $XRP coin rose rapidly following the sudden increase in volume for Ripple’s stablecoin ($RLUSD).
Vibe is a popular San Francisco-based blockchain company that is popular in the non-crypto sector for its cross-border payment services backed by its cryptocurrency $XRP. Recently, Ripple gained regulatory approval for its $RLUSD stablecoin to operate business in the US jurisdiction.
In the last 24 hours, the volume of the $RLUSD stablecoin increased by 106%, according to data shown on popular trading website CoinMarketCap (CMC).
Notably, the majority of the trading volume of this stablecoin is considered for the USDC stablecoin pair, which is approximately 55.02%. The rest of the contribution came from trading of BTC/RLUSD (23.15%) and XRP/RLUSD (12%) pairs.
Currently, this stablecoin is available on the XRP Ledger (XRPL) and the Ethereum blockchain network, so it can also be used for Dapps available on the Ethereum network or cross-border payment services.
Currently, major media outlets also cover news related to this stablecoin.
This news acted as a huge catalyst for the trading price of the $XRP cryptocurrency, as every $RLUSD transaction will be carried out using the $XRP coin directly or indirectly.
The current trading price of $XRP coin is $2.17 and this price level is 1.7% higher in the last 24 hours.
Cardano will partner with Ripple
Recently, Cardano blockchain founder Charles Hoskinson hinted that Cardano will partner with Ripple and provide a better environment for Ripple stablecoin in the Cardano blockchain environment.
Almost a year ago, in December 2023, Hoskinson became angry with the XRP community and mistakenly overtook his statement. At the time, he said he would never talk about the XRP cryptocurrency, but now his change of stance shows that his motivation for innovation is acting more dominantly on his anger.
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