XRP price rises as RLUSD stablecoin flips PYUSD on a key metric

The XRP price continued to rise, reaching its highest level in over a month as cryptocurrencies bounced back.

Ripple

One catalyst for XRP’s rise is the gradual growth of Ripple’s USD stablecoin

rlusd0.19%Ripple USD, which has now attracted over $72 million in assets.

According to CoinGecko, there are signs that RLUSD usage is increasing, with its 24-hour trading volume reaching $162 million. This volume makes RLUSD the sixth-most used stablecoin in the crypto market.

RLUSD has surpassed other popular stablecoins, including Justin Sun’s USDD, Frax, and PayPal’s PYUSD. Notably, PYUSD, which has a market cap of $534 million, recorded a 24-hour volume of just $22 million.

However, RLUSD faces stiff competition from major stablecoins such as Tether (USDT) and USD Coin, which had 24-hour volumes of $74 billion and $6.7 billion, respectively.