XRP price has sunk into a bear market after plunging by 23% from its highest point this year. Still, its strong technicals and fundamentals point to a strong rebound in September.
Summary
- XRP price has plunged by 23% from the year-to-date high.
- Ripple USD stablecoin supply jumped to a record high of $701 million.
- XRP futures continued gaining momentum, three months after launch.
RLUSD and CME Futures growth
Ripple (XRP) price retreated to $2.8160 as the recent momentum in the crypto market stalled. However, data shows that the ecosystem is doing well, which may help it rebound in September.
CoinMarketCap data shows that Ripple USD (RLUSD) stablecoin is firing on all cylinders. Its assets crossed the $700 million on Saturday and jumped to a record high of $701 million.
RLUSD’s growth is more impressive when compared to PayPal’s PYUSD, whose supply was $1.1 billion two years after its launch. Its daily transaction volume has also jumped in the past few months, including its usage during the Bullish IPO.
The growing RLUSD numbers is a good thing for XRP price because it boosts the utility of the XRP Ledger.
More data shows that there is a strong demand for XRP assets in Wall Street. CME XRP futures open interest has rocketed to a record high of $1 billion, the fastest-ever contract to do that as it achieved that in three months.
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Author: Crispus Nyaga
