Ripple's RLUSD Stablecoin Is Rapidly Gaining Traction, Reaching a Circulating Supply of $160 Million

Ripple's RLUSD stablecoin is rapidly gaining traction, reaching a circulating supply of $160 million. The number of RLUSD tokens

Ripple’s new RLUSD stablecoin is rapidly gaining traction. With a circulating supply reaching $160 million and a growing number of Ethereum mainnet addresses holding it, $RLUSD appears positioned to become a notable player in the stablecoin space.

According to IntoTheBlock’s post, Ripple’s (NYSE:RPL) RLUSD stablecoin has seen a significant increase in circulating supply, reaching $160 million. This surge in supply is a testament to the strong market demand for the stablecoin.

Furthermore, the number of RLUSD Ethereum mainnet addresses increased by 15% over the week, now standing at 2,345. This increase in holders signifies a rising interest and adoption of RLUSD among cryptocurrency traders.

The cryptocurrency displayed lively activity in the past 24 hours, with a trading volume of $23 million. Of this sum, Uniswap contributed $12.5 million, highlighting the substantial liquidity accessible to traders.

The RLUSD/ETH pair experienced a 0.5% increase in price over the 24 hours, infusing positivity among traders on the ETH network. Conversely, the RLUSD/USDT pair decreased in volume by 0.1%, leading to neutral sentiment from the market participants.

The price of (CRYPTO:BTC) is up 0.3% in the past 24 hours to $260.99 by 04:38 ET (08:38 GMT). It ranges between $259.44 and $262.00.

The cryptocurrency is now down 0.9% for the week and 4.8% for the month. It has fallen 39.8% year-to-date.

The next level of support is at $255.00, while the next resistance level is at $265.00.

The Relative Strength Index (RSI) on the 14-day chart is 48, indicating that the cryptocurrency is currently in neutral territory and neither overbought nor oversold.

The moving average convergence divergence (MACD) is also in neutral territory, with the MACD line trading slightly below the signal line. This suggests that the momentum is slowing but not yet decreasing.

Overall, the technical outlook for Bitcoin remains mixed. The cryptocurrency is currently trading in a narrow range and may be due for a breakout in either direction.

The macroeconomic environment remains a key risk factor for Bitcoin. The Federal Reserve is expected to continue raising interest rates in the coming months, which could weigh on the cryptocurrency market.

However, Bitcoin is also being driven by strong demand from institutional investors, who are increasingly allocating capital to the cryptocurrency.

As the leading cryptocurrency navigates the market, its price movements are closely watched by both beginners and experienced traders.

The cryptocurrency is currently trading at a price of $259.44, showing a decrease of 0.9% over the past 24 hours.

The price of Bitcoin has been in a downward trend since the beginning of the year, and it has lost more than 50% of its value since November 2021, when it reached an all-time high of $69,000.

The decline in the price of Bitcoin can be attributed to several factors, including the war in Ukraine, which has led to increased risk aversion among investors, and the Federal Reserve’s decision to raise interest rates, which has made investing in risky assets less appealing.

Despite the recent decline, Bitcoin is still the largest cryptocurrency in the world, and it is also the most popular cryptocurrency among institutional investors.

Those who prefer to follow technical analysis are focusing on the fact that the cryptocurrency’s price is approaching the 200-week simple moving average (SMA), which is a key technical indicator that can provide insights into the long-term trend of an asset.

According to Benzinga Pro, the price of Bitcoin is currently at $259.44, and it is expected to reach the 200-week SMA at around $255.00.

Once the price falls below the 200-week SMA, it could continue to decline and test the next level of support at $200.00.

On the other hand, if the price manages to rise above the 200-week SMA, it could continue to increase and test the next level of resistance at $300.00.

The technical outlook for Bitcoin remains bearish, and the cryptocurrency could continue to decline in the coming months. However, it is important to remember that the cryptocurrency market is highly volatile, and the price of Bitcoin could rise or fall sharply at any time.