Ripple Slows RLUSD Minting While Trading Volume Jumps 35.66%
- Ripple has slowed RLUSD minting this week, creating only small amounts in recent days.
- RLUSD trading volume has surged by 35.66 percent, indicating strong market activity.
- The total RLUSD supply has reached 53.1 million, with no major increases recently.
Ripple has slowed down its minting of RLUSD this week, creating only small amounts in recent days. Meanwhile, the stablecoins trading volume has surged by 35.66%, showing increased market activity. Despite reduced minting, the circulating supply of RLUSD has reached 53.1 million, according to CoinMarketCap.
Ripple Treasury Reduces RLUSD Minting Activity
Ripple Treasury has significantly lowered its RLUSD minting activity, issuing only small amounts over the past few days. The last large-scale minting event occurred on February 10, when 1,050,000 RLUSD was created in two transactions. Before that, Ripple Treasury minted 9.1 million RLUSD over two days, starkly contrasting the current slowdown.
Data from XRPscan indicates that the blockchain address responsible for issuing RLUSD has only recently minted a few thousand coins. The reason for the reduced activity remains unclear, but market conditions may be influencing the decision. Ripple adjusts its issuance strategy based on current demand and trading activity.
The total circulating supply of RLUSD has reached 53.1 million, with no significant increases in the past week. Ripple may be maintaining a cautious approach, waiting for further market developments before minting more stablecoins. The company has not made any official statements regarding its minting slowdown.
RLUSD Trading Volume Surges by 35.66%
While minting has slowed, trading activity for RLUSD has increased, reflecting growing demand in the market. CoinMarketCap data shows that trading volume has risen by 35.66% in the past 24 hours. This indicates that traders are actively using the stablecoin despite the lack of new large-scale issuances.
The current market capitalization of RLUSD places it at the 552nd position among cryptocurrencies. This ranking suggests that RLUSD is gradually gaining traction despite its relatively low supply compared to other stablecoins. Market participants continue to engage with RLUSD, possibly signaling confidence in its stability and utility.
Stablecoins often experience fluctuations in trading volume based on market conditions and liquidity needs. The recent increase in RLUSD activity suggests that traders find the asset valuable for transactions and holdings. If demand continues to rise, Ripple may adjust its minting strategy accordingly.
Whale Transfers Over 60 Million XRP Amid Market Activity
A large XRP transaction occurred as a whale transferred 60,045,505 XRP between two anonymous wallets. Whale Alert, a well-known blockchain tracker, reported that the transaction was worth approximately $163.66 million. The movement of such a large amount suggests potential strategic positioning by significant market players.
Large cryptocurrency transactions often indicate preparations for trading, investment shifts, or institutional movements. While the identities of the wallet holders remain unknown, such transfers typically influence market sentiment. The lack of immediate price impact suggests that the transfer was not a sell-off but an internal reshuffling.
XRP remains one of the most actively traded cryptocurrencies, with continuous whale activity highlighting its importance in the digital asset market. The transaction further demonstrates the scale of capital flows within the ecosystem. Investors and traders will likely watch for further large transfers that could impact market trends.
Read more: https://www.tronweekly.com/ripple-slows-rlusd-minting-while-trading-volume/
Text source: TronWeekly
