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Ripple USD stablecoin ($RLUSD) has seen its volume surge by a massive 127% in the last 24 hours. According to CoinMarketCap data, this represents over $2.41 billion in fiat currency. It is a development that suggests increased activity in the crypto and stablecoin space.
$RLUSD volume explodes amid demand blowout
Notably, the surge in $RLUSD volume indicates increased demand from investors seeking to acquire various crypto assets. This may have been triggered by the ongoing altcoin bull rally, which has led to a price uptick for many projects.
Interestingly, Ripple’s native currency, $XRP, has registered massive price gains amid the rally. $XRP has climbed by over 31% in the last seven days of trading amid the crypto market blowout. As of press time, the $XRP price was trading at $3.47, representing a 6.32% increase in the previous 24 hours.
The coin is less than 10% away from reaching its all-time high ($ATH) of $3.84, which it set in 2018. With trading volume up by a massive 77.51% at $23.14 billion, ecosystem investors are eagerly anticipating a further rally.
The surge in Ripple USD stablecoin’s volume could also impact the price outlook of $XRP. $RLUSD operates on the $XRP Ledger, which requires $XRP to pay for transaction fees, which are subsequently burned. As $RLUSD volume increases, it could translate to more demand for $XRP, driving up its price.
Analyst predicts $6.90 target for $XRP
Meanwhile, as $XRP continues on its upward trajectory to possibly set a new $ATH, a market analyst has called for caution. DonAlt, renowned for his flair to quickly spot reversals, has said that the higher $XRP price climbs, the more prone it is to sharp reversals.
Remarkably, DonAlt has predicted that $XRP has the potential to hit $6.90 if it successfully clears its period of stagnation. The performance of $XRP over the past week suggests the asset could be in breakout mode.