XRP News Today: XRP Surges 9.1% as Ripple USD Market Cap Grows 680%

The price of XRP has surged by 9.1% over the past week as the cryptocurrency market recovers from a sharp pullback triggered by rising tensions in the Middle East. This recovery has pushed XRP into positive year-to-date gains, now standing at 4.8% since January. Ripple, the company behind XRP, has been actively expanding its ecosystem, with a particular focus on accelerating the adoption of its stablecoin, Ripple USD (RLUSD).

According to data from DeFi Llama, the market capitalization of RLUSD has grown rapidly this year, from $58 million to $455 million, making it the fastest-growing stablecoin. The majority of RLUSD’s circulating supply is currently on the Ethereum network, where its market cap has increased by 61% in the past month. Since its launch, RLUSD has processed cumulative volumes of $10 billion and has been listed by multiple top exchanges, including Kraken, Bitstamp, Bitget, and Gemini.

The growing adoption of RLUSD globally and on-chain supports a bullish outlook for XRP. If transaction volumes within the Ripple network increase due to RLUSD’s rising popularity, it could further boost XRP’s price. Analysts are increasingly optimistic about XRP’s potential, with some predicting a breakout in the coming weeks. The 4-hour chart for XRP shows that the price has successfully bounced off the $2.07 support level and is moving towards the $2.20 mark. Geopolitical risks appear to have eased, and the U.S. Federal Reserve’s plans to cut rates twice this year have improved XRP’s near-term outlook, supporting a push to its nearest resistance at $2.33. Momentum indicators remain positive, with the Relative Strength Index (RSI) sitting above 50.

While XRP may not reach $10 in the immediate future, the expanding market cap of RLUSD suggests that it could achieve this milestone in the coming months. The success of RLUSD could significantly increase Ripple’s transaction volumes, creating a new source of demand for the utility token. As the cryptocurrency market continues to recover, the potential for XRP to reach new heights remains a topic of interest among analysts and investors alike.