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**182 Million XRP in 24 Hours, Here’s What Happened**
Ripple has been making waves in the cryptocurrency market with its recent announcement of officially launching RLUSD, a new stablecoin pegged to the U.S. dollar and backed by dollars, U.S. Treasuries, and cash equivalents. Meanwhile, the price of XRP has taken an unexpected turn, skyrocketing by 182 million in just 24 hours.
At the moment, XRP is trading at $2.30 per coin, closely following Bitcoin’s trajectory. The latter fell by a staggering 5.23% on Friday, dipping below $93,000 before rebounding with a gain of 6.26%, currently trading at $98,441.
The surge in XRP prices can be attributed to the launch of RLUSD, which puts Ripple directly in competition with giants like Tether (USDT) and Circle (USDC) in the burgeoning stablecoin market. The projected growth of this sector is nothing short of astonishing, expected to reach a staggering $3 trillion by 2028.
It will be interesting to see how Ripple’s RLUSD performs in this highly competitive space and whether it can carve out a niche for itself among established players.
Source: u.today
